My solution was to buy a Fein vac. One of the best decisions I ever made. You can talk over it!
A much larger absorption muffler, several feet, would take some sound off the exhaust. The motors themselves make a racket. If DIY, you could get some 4 inch PVS, some 2 inch PVC and some rock wool and make one. Think Cherry Bombs ot good ole Thrush mufflers.
By definition a muffler will reduce flow. Laws of physics say so. How much is the question. That little bit of foam, not much, but it's effective ness is not much either.