Can't agree from actual experience. The lower the volume, the more important the S/N becomes because you don't have the loud signal to cover it up.
Recognize that in all equipment there is an inherent noise floor even at it's minimum volume. This floor becomes more apparent as the volume level is decreased.
I had a Yamaha 31-band eq in my system, and could hear the hiss when nothing was playing. By definition, the hiss is noise. It was covered when music was playing, but I could not tolerate it between tracks.
The point is that below the audibility floor, noise doesn't matter, and this is especially true for quiescent hiss. If that hiss level is below the noise floor of the listening environment, making it lower won't have any audible effect. I have a quiescent hiss from my B&K amps that requires me to be about two feet from the tweeter to hear. It's the only thing that bothers me about those amps. Yes, they are power amps with no volume controls, so this is probably their own self-generated noise playing at full volume, and the only music level at which it is at all audible is
zero. I expect it's about 80 dB down, but I haven't measured it.
And I also have a Yamaha equalizer, a very nice parametric equalizer from a couple of decades ago. It adds maybe 3 dB to that quiescent hiss--enough to hear that it has been added. So, I know of what you speak. But what would make those base hiss levels inaudible is keeping them below a certain threshold. I have not measured the voltage of that hiss at my speakers, though I really should, but the newest amps have a very low quiescent hiss in the sub 40 microvolt range. (I wish this was consistently disclosed and tested.) That is not the only noise in the S/N, but I agree it counts.
But if that hiss was at 25 dB SPL in my living room, I doubt I'd be able to hear it at all. Let's say that's where it is. And let's say it's self-generated by a power amp downstream of where the signal is attenuated (as with amps that have no level control, which mine don't), so the hiss is absolute. If my peak music signal was at 60 dB (not very loud but not soft, either), the ratio over that hiss would be 35 dB. If I'm playing peaks at 120 dB, the ratio over that hiss would be 95 dB. For an amp that can produce 120 dB SPL with my speakers, and is controlled by upstream preamps, I'd want a S/N of 100 dB over that quiescent hiss. That's not that unusual these days. But the ratio will be lower when the signal going into that amp is attenuated.
Rick "noting the downward slope in all distortion/noise vs. power plots until distortion becomes the controlling defect" Denney