Yes a few different things to consider with the difference between noise cancelling headphones that reduce ambient noise but can still hear voices and noises vs the total isolation head sets, also whether the headphones have a source that is within the aircrafts PA system or independent from it - such as mobile phones or small tablets.
I still argue that if the plane hits something any faster than 10km/hr, goes upside down, burst into flames, or has a hole in it, or fills full of water, or is full of smoke will all give me a pretty good clue that something is amiss, and focus the attention of the passengers. The pilots won't be giving a running commentary and the cabin crew will just be announcing brace positions at that stage. I think we're adult enough to make the judgement that we should be thinking about emergency exits rather than finishing off the last 5mins of whatever we are watching/listening to, after all - we humans mostly fortunately have 5 senses to rely on and can't exclude the other non-auditory senses from a serious incident. But having said that I do pay attention to the pre-flight briefing because 1. the one in a million chance it may be useful and 2. Its just good manners.