The bigger motors seem to be quieter, but I've not run that many.... Inrunners cost more and run faster (so need more gearing) but should be quieter I would think.
I ran a 63mm diam outrunner for quite a few years, it was quite buzzy but I got used to it. My present bike has a 50mm diameter motor & by comparison it's embarrassingly loud. A few years ago I made a 1 wheel electric trailer with a very small motor on, 33mm diam or so, that was horrific - high pitched too...
PS other reasons for running a motor that's bigger than you need - 1) bigger motors are more efficient 2) bigger motors need less reduction gearing
both sweeping generalisations of course

A motor that's too big will still be pretty light and cheap - I just bought 2 "2kW" outrunners (190kV) for £25 ($32?) each, they weigh 670g