I've been using a poor mans version of this for decades.

My iTerm2 is configured to show activity, new-output and visual bell in the tab. On Linux I have an approximation for WezTerm.

I have a bell command that I can use in a pipeline or sequence to produce the bell on events I'm interested in. Trivial case is when a program finishes.

I have a fancy alias that can be used in a shell command sequence and which produces different sounds depending on the exit status of the preceding command in addition to sending the terminal bell.