Just noticed this thread and since I have a bit of a devil's advocate opinion I'll mention it.
I loved listening to music while studying during VCE, and have continued that trend into Uni. I'd do pretty much all my work with some music going, taking notes, reading the textbook, going over practice questions. The only time I wouldn't use music is when I was doing practice SACs/Exams in a timed scenario in order to mirror exam conditions.
However, I think the 'there's no noise in an actual exam' is a moot point. I know for two of my exams there was blasting rain and hail, and for plenty of my SACs it was the case also.
It's ultimately up to the individual but don't be discouraged by people telling you not to if you find it effective. People did the same to me and I still listened to lyrical music, and it worked pretty well.