When a person breathes from jogging or physical exertion yes the decibels of panting /breathing goes up. • The thing is the sound emits out and away from your own mouth so there so in reality you don't hear it very much. Don't believe me? Go for jog and work up a sweat you will hardly hear the actual noise of your own breath because it is exiting out of your own mouth away from your ears. Also the sound source is muffed by the bone and flesh material in your skull.
So the way you hear it now is as if you were recording into a mic a few inches from your mouth then playing it back into your ears.
When I'm in first person it sounds like someone is breathing heavily in my ear and far too loud and distracting compared how the experience would play out in real life. Not saying remove just turn wayyy down. or else have it at the level form 3rd person, that seems normal.
It's at a 10 it needs to be at a 2