Has anyone noticed that system sounds are extremely loud on the Pixel 5?

System sounds (touch sound, screenshot sound, etc.) all seem very loud on my Pixel 5 with the volumes set to match my Pixel 3. Even when I put the notification/ring volume (which I believe is what controls this) at the lowest level, it's still very pronounced.

On the Pixel 3, someone sitting next to me would notice if I took a screenshot. On the Pixel 5, the whole room would be able to tell.

It's so noticeable it almost seems like a bug rather than an intentional change. Has anyone else experienced this?