I have an aftermarket exhaust...on all of my bikes. I tend to run with the noise suppression inserts. The bikes are certainly louder then stock, but not obnoxiously so. If I'm at WOT - They are loud. But that's not the type of loud the "loud pipes saves lives" guys have.
If you are coming up from behind someone, they will not hear you. First, the end of your exhaust is facing away from them. Second, their radio is more than likely on and their windows are likely closed because God forbid someone drive in un-airconditined air. Modern cars are designed to be driven with the HVAC on. They also don't see you because people tend not to check their side mirrors, only their rear-view mirror. Motorcyclists tend not to ride in the center of the lane because that is the oily part of the road - we tend to ride towards the left side of the lane (when solo). For that reason, you are invisible to the car driver. You are approaching them in an extended blind spot. If you are on a multi-lane highway and want better visibility, ride in the left lane, biased to the right side of the lane. You are more likely to be seen in the mirrors to the drives in the lane to the right of you. As you approach the drives blind spot, move to the left part of the lane. This way if they enter your lane you are already taking evasive action. As you pass the vehicle look to see the drivers eyes in their side mirror. This way you'll have an indication if they see you or not.
A loud exhaust will spook/scare an unattentive driver - causing them to do some stupid shit...like move out of their lane. A smart rider is always on the look out for trouble, and is always calculating a way out.