While not M80's I tried this with a pair of M3's and a VP150 set to large with no subwoofer. I found nothing in the soundtrack that sounded off other than I was missing a lot of the mid to lower bass frequencies. They were simply not heard. I did however hear something sort of like you describe a little after he takes off. It comes from the Iron Man suit. I think you are correct assuming that it is part of the soundtrack.

I’m armed and I’m drinking. You don’t want to listen to advice from me, amigo.

-Max Payne