You don't have to do anything you don't want to do. If you want to watch the air show from your house, that's great! Maybe you could consider getting a pair of earplugs to use. But if you don't want to, that's not a problem either.

Loud noise is not really good for anyone. I have a lower pain threshold for loud noise than most, as I lack the reflex that is designed to protect you from some of the impact of loud noise. I don't do events where I know I will exposed to loud noise, if I have a choice about it, because I will be a crumpled heap on the floor. I could wear earplugs, and maybe that's an idea for parades and things with flyovers, but for concerts and basketball games, etc., what's the point? I'm not that into things like that anyway, so it simply isn't worth it to me.

That's what you need to decide. Is it worth it to you to watch the air show? They can be really neat, and wearing ear plugs can help you deal with the noise. If it is something you want to do, that's great, but if it's not worth it to you, don't feel bad about going someplace else or whatever you need to do to protect yourself.