Just dont use the sunroom at the same time you are working on projects. Sound isolation has to be planned for all 6 sides of a room to be effective. Now, if you want to line the walls with lead sheets, you might could expect some results worth spending money on. Even expensive anachoic foam on the ceiling isn't going to do much of anything with the rest of tbe hard echo chamber left unaddressed.

The major part of the sound transmission will be in the wood flooring---joists and subfloor.

My shop is in our fully enclosed basement. My 2hp dust collector is in an outside corner, under a bedroom. My 6" jointer is next to the DC and a router table next to that.

A former owner had a suspended ceiling installed---the normal metal grid with pressed paper inserts. That cuts down on a great deal of the noise.

I frequently use the shop when the wife is napping or watching TV in the living room.

A well-constructed ceiling done with proper sound insulation techniques will go a long way towards cutting down the workshop noise.

1 - There is the noise ricocheting around the workshop ... that's dealt with by sound absorbing panels in the room.

2 - There is the noise that penetrates the floor and annoys people upstairs.

A: NO VENTS IN COMMON!

B: Look up the sound-proofing and acoustic isolation construction techniques for sound booths and the like. The techniques aren't difficult or expensive BUT you have to design with them in mind.

This problem is normally solved by attaching a drywall ceiling to a resilient suspension system. Acoustic insulation will help a little but really only deals with sound that travels horizontally from crack to crack.

The minimum system would be resilient channels attached to the floor joists. The best would be channels hung on wires with resilient connectors. The available space is a critical issue

I wouldn't do anything until I knew there was a problem. I wouldn't want to Sheetrock or cover that ceiling with anything but racks for handing off-cuts, templates, and other hardware. It is best to have access to that space in a shop. Yours is a nice sized shop. You won't believe how much you will put up there.