If noise means that you can't sleep, study or concentrate, and you can't really help this, then this is a valid factor that should be taken into account.

Taken into account by courtesy, yes. But the standards of polite behavior and the standards of societal enforcement do not have to be the same, and it's often desirable that they be different.

A neighbor who could easily reduce the noise that causes so much distress, but does not do so, may perhaps be rude. But if the law doesn't compel him to tone it down, it doesn't follow that the law is wrong or lacking.