Might be a good sound barrier but wool is quite flammable and fumes from it burning are highly toxic. Not sure what an insurance company might think of it. There are some safety reasons why we use rock wool, sheet rock and other such things in construction. Just my 2c worth. Give you something to worry about.
There is some white insulation that I've seen and had that is not glass wool nor rock wool, no itch to it when using. Can't remember who made it but seems like Dow Corning? Bought at Menards or Home Depot, many years ago. I always thought double drywall and good insulation (any kind?) was the "go to" for a listening room. I know lots of things change over the years and more is learned and developed all the time.