The cutting on the city side of the station is fairly deep and the noise does not go anywhere but up. When it is quiet at night you can hear the trains but it is not overly loud and a train station about 120 metres away is good as is the Dulwich Hill light rail about 400 m away and a bus stop closer than H.P. station (unless that route has been cut like so many others)
I lived on the opposite side of the tracks on Floss St for years close to the station. I was worried about the train noise too before moving in but it really wasn’t as issue. Sure at night you can hear the goods trains but that would be the case streets away too. I think because of the dip in terrain, it creates a noise buffer. Much better than living close to the Inner West train line which is much noisier.