Unless there is something I missed, I'm afraid the answer is: Yes in theory but not in the way you might imagine.
Unfortunately it seems like there is no parameter in some ini file you can change for this. The only way I found would be to extract all sound of the sound bank and redo the whole sound project yourself. But this includes aligning all sounds correctly and set the correct level and blending of the sounds. This is not an easy task.
I tried to do it once as I was also annoyed by the sound of a mod but it's impossible to get the effects exactly the same as before but just quieter. You will end up with something different and if you don't really know what you're doing, it will also sound much worse.