Frequency, intensity and duration are key considerations. That said, the reduction from >130 db to <120 is supposed to bring the level of intensity down from "instant damage" to "some damage". Which appears to be the intent here. Again, my point was more along the lines of wondering if that was a big deal as long as you're going to still need ear pro anyways for this item, regardless of the good amount of sound/energy reduction.
On another note, I have noticed that the frequency of shots seems to bother me more these days, at least the higher pitched ones. When I get to the range and park, but before I get my ear pro on and walk up to the range itself, I've noticed that the high pitched ones seem to bother me more. Not positive on what they are though.