Acoustical engineer here. We call this noise control.
Looking at this from a noise control perspective, best practices in order of most to least effective include:
1) Reduce noise generated at source: Assuming your main noise sources are train rolling noise and track joints, placing a resilient (i.e. squishy) material under the tracks will reduce noise transmitted into your base through damping. Resilient materials include carpet, neoprene, thick fabric, etc. EPS board typically used for scenery is not considered resilient. Effectiveness will vary based on type of track, mounting method (glue vs. screw), base material (more mass is better), framing of the base, and resilient material. If the resilient material is over loaded, it will "critically compress" and provide no effective isolation. Ideally the resilient material would be selected based on the average mass of the loaded train and track, i.e. 3 lbs / sq ft.
2) Attenuate the noise transmission path: This includes placing a barrier between the noise source and listener. Since building a concrete block wall around the train layout would also block the desired sound effects and viewing, options are limited.
3) Room Acoustics: The finishes in your train room affect the decay (or reverberation in large spaces) of sound. Carpet, upholstered furniture, drapes, etc. will absorb sound and reduce the build up of reflected sound to provide an overall lower sound level. The thicker / heavier the material, the better the low frequency absorption. Acoustical tile ceilings are very effective.
I am not aware of any lab measurements of the various track and layout construction methods to provide useful data for design purposes. If sound is a big concern, a small test loop with the selected materials should be built to evaluate prior to purchasing and building a layout.
To address the initial question, using floor underlayment below the track would likely address item 1 above, coating the entire layout with carpet may help with item 3, assuming the carpet is not covered with a hard scenery shell. The floor underlayment is typically used for increased Impact Isolation Class (IIC) of floor / ceiling assemblies when hardwood flooring is desired above occupied spaces.