The dogs are running and making noise. One rolls, gets up, and goes back for more. Rough-looking play can be fine when both dogs choose it. The question isn't how loud they are, it is whether each dog can take a break and still wants to continue.
Watch for loose bodies, changing roles, and brief pauses. Does the chased dog sometimes chase? Can either dog move away without being followed? A play bow or a quick check-in can help, but no single gesture guarantees the whole interaction is comfortable.
Give a break before someone needs to shout
Call your own dog away for a short pause and reward them for returning. If both dogs freely re-engage, the play may continue. If one uses the chance to hide, move away, or stay by a person, end the play. Don't let your dog repeatedly pin or chase another dog who is trying to leave. If you see stiffness, hard staring, a closed mouth, repeated avoidance, or a snap, separate safely before conflict escalates.
Avoid grabbing collars between dogs in a fight, people can be bitten. If play repeatedly gets out of hand, arrange smaller, compatible one-to-one meetings rather than hoping a crowded dog park will sort it out. Pain or fatigue can also change a dog's tolerance, especially in an older dog. Ask your veterinarian about sudden changes or injuries.
Some dogs simply do not enjoy the same play style. A good day can be a walk near another dog without any wrestling at all. Friendship isn't measured by how much rough play they tolerate. For more on reading two dogs' comfort together, see the dog-to-dog household guide. Separate them when play stops being mutual.
Sources: Vet Voice: Is my dog playing or fighting?. Dogs Trust: How to understand your dog's body language.