Well, participants in rock concerts wear earplugs, so I'm surprised those in the orchestra pit don't.
And yes, you can tame 130+ dB - plenty of people need to work in louder locations (especially around jet aircraft).
The occupational safety people draw up their guidelines based on SPL, they never say what source it could be - noise sources like engines, or musical instruments, or highly powerful speakers.
Electronic hearing protectors aren't new - electronic ear defenders for shooting enthusiasts can be had quite easily - prices range from $100 through $500. Not earplugs, mind you, these are the standard over ear units who electronic circuits that cut down the gunshot noise but pass through normal conversation. First time I've seen in ear units though.