Everything is reduced by about 30 dB, especially low-frequency road and engine noise. Sirens etc are still perfectly audible as there is less background noise.
edit: this makes me wonder about deaf drivers... what is the intent of the law here?
Either way, just posting this as a potential warning, if you use any noise cancellation, its not the technologies fault, its your brain trying to fill in the weirdly quiet bits its not hearing. Thankfully a lot of these noise cancelling headsets you can just not turn on the feature and they're just as good.
I admit I do this, but I'm conscious about using only a so-so noise canceling. Reducing even 30% of tire noise is a bliss and greatly reduces fatigue. With top-shelf Sony or Bose stuff it would be quite unsafe for everyone involved.
As a passenger (on the road and on flights), the full canceling is a game changer.
I prefer the Sony personally I feel like their ANC is a bit better.