I do both. I have a small run attached to each coop so they can always have the option to be outside, but I open it up in the afternoons so they can free range the remainder of the day.
I will always be pro-Free Range, but it does come with risks. Predators can snatch up a bird without a trace, leaving you heartbroken. On the other hand, chickens can also get away and survive!
If something gets in your enclosed coop or run, the birds will never escape and multiple will be killed, if not all.
I know many will disagree with me, but I truly feel the chickens are happier free ranged, they never get bored. They have freedom and can do whatever they want. Plus, they are amazing bug eaters, I cant tell you the last time I saw a nasty locust or grasshopper. My chickens also eat mice and small rats, so my house is protected from rodents as well when my chickens free range.
Free ranging also cuts the cost of feed, 50lbs of food could last weeks, where when they are in a closed run, they will gorge themselves. 50lbs maybe lasts 4 days depending on the number of birds.
I have guard dogs, so my number of chickens taken by predators is quite low. Maybe 3-4 per year. My worst year was about 12 deaths, but half were from a large stray dog. This year I lost 2 to a coyote pack, the 3rd chicken escaped and came back the next day.
My uncle did not free range and he lost 8 of his birds when a mink chewed into the coop one night.
Pros to an enclosed run, is you'll always know where they are, you dont have to run down after dark to shut the coop door. Predators may be deterred more often vs free ranging.
Cons, it would have to be huge if you want a lot of birds, or else poop accumulates and will smell and make them potentially sick. If a predator does get in, your dogs(if you have any) wont be able to get in and chase it away.
If you have the funds, you can make your coop and run predator proof, anti digging skirts, hardware cloth everywhere(over windows and doors), roof over the run, etc.
I just use hardware cloth over doors and windows, and use the rifle as predator removal. Never ever have I had something break in my coops. I had an opossum walk through the front door while I was in there fixing a heated water bucket, but that's it.
As for your sound question, I've never heard a difference. I also live on a farmplace with over 30 roosters, so there isn't exactly a quiet moment of the day here... they crow even at night...
As a short version, I prefer a little of both, but mainly free ranging. Then if you would need to lock them up for some reason, you can and they still have a little run to be outside in.