I've had many ocassions to be standing nearby a target with people shooting at it. Some of the field archery ranges I used to shoot on had the shooting stakes of one target fairly close to the target on the previous lane. And, quite a few times, I've been a tournament director and had to walk the range to observe. I've heard all kinds of arrow noises. I've heard aluminums ringing like a bell. I've heard thin, flappy vanes that sound like a buzzbait. I've heard feathers hiss. I've heard both vanes and feathers whistle. But, usually, you don't hear a thing until WHOCK! and there's an arrow sticking in the target face.

IMO, more than anything else, it's a matter of -uh- "less than perfect" shot execution that makes an arrow noisy.