If Imperator is a good indicator,i guess we will have even more options than in CK2.I'm sure you'll be able to adjust the volume settings in the game. You can even do that in CK2. Just hit the Escape Menu, and click on Game options.
From there, you can adjust the volume on Master, Effect, music, and Ambient. You can disable Dynamic Ambient Sounds, Context Sensitive Music, and even Death Sounds.
I'm sure CK3 will also give you the ability to modulate the sounds however you want to...