The "water-cooler" chats are in the same place/app as the more important conversations. I don't like getting pinged constantly for people just chatting, but I wouldn't want to mute it in case someone actually has something urgent to say. It's weird to have that all in one place with one set of notification settings on all of it.
notification sounds destroy my ability to concentrate so per-channel notification settings were a game changer.
I typically have busy but important channels muted with a carve out for @mentions, watercooler channels are just muted but I check on them a few times a day.