I live in Mascot. We are not under the flight path, however due to wind they do sometimes fly over. Sometimes you won't hear them for weeks. Then some days you can get quite a few all at once.
It's not that bad at all, I thought it would be worse being so close.
It's a safe area, but it's still inner city. I live here with my children and feel safe. Not sure I would walk around at night though, but not sure I would walk around in any suburb in Sydney at night.