It is a "model aircraft", not an airplane. By law, FAA noise standards/restrictions apply to certificated aircraft, and most jurisdictions employ FAA standards, thereby making "model aircraft" inapplicable to any noise exemptions. (Noise restrictions also apply to airports and their flight paths and obviously those exemptions don't apply here either). A model aircraft is not a certificated airplane and receives no airworthiness certification, therefore to claim that one is flying "in accordance with FAA regs" is a legal stretch and I can't imagine a judge would uphold that type of exemption. Feel free to tout this presumed exemption to your local law enforcement agency and/or courts, but I personally wouldn't want to defend that specific legal conclusion in front of a judge.