Yes, but in a high-stress environment, your ability to process words--especially those not in your native language--goes down the tubes quickly. Even if you were to tune out sounds to the same degree that you tune out words, at least the sounds would still have a relatively universal meaning, e.g. loud klaxon for big problem, soft chime for minor notification.
At the very end, there's some examples of more literal sounds. It says there hasn't been a study, but I would bet they're a lot more clear with out having to resort of the aviation standard of "just learn basic english".
buh-bump is cardiac stuff.
wiSShhh... wooosSH is respiratory stuff.
Only thing is, I bet you can hear sounds similar to those in a hospital. The "beep beep" they put over it might not be enough. Still a really interesting research topic!
Another good thing is that they allow for talking over them better. The same way you may sing along to an instrumental-only music track using whichever lyrics you prefer.