Plain answer
Use the least isolating setup that still gives you what you want from audio. Lower volume, one-ear or transparency options, familiar routes, and extra caution at crossings can preserve more environmental information.
The route changes the answer
A closed path, quiet neighborhood, crowded trail, darkness, traffic, wildlife, and local rules create different risks.
Audio can hide effort too
Music and podcasts change perceived effort and attention. Check pace, breathing, heat, and fatigue rather than letting the playlist decide.
Stop audio before complex places
Crossings, construction, unfamiliar turns, parking areas, and interactions deserve full attention.