I think there are some kids living right underneath my room/studio in an apartment. I hear quite a lot of low & mid frequencies when I'm in my room and it's usually mostly loud at around 07:30-00:00 throughout the day. Sometimes there's noise after midnight as well the time I sleep. I'm wondering what I should do about this as a person that produces and mixes music. Will I still be able to mix the bass and low frequencies even if I hear noise from them? Can I somehow reduce or block the sound that's coming from them? Would bass traps help?

Some info about my room/studio:
I have speakers but I produce & listen with headphones. I've got Rockwool, acoustic foams, soundproofed curtains, two carpets, and some other stuff in my room to dampen echo and noise that goes in and out. My room in size, about 3x3meters.

The noise I hear:
Sub-Low & mid freqs, I would describe the sound as someone that is banging on walls, floors & objects, running/stomping, jumping, playing around, and dropping things on the floor. Kids screaming is something I don't hear as much but it also comes many times each day. I would say that these are the type of sounds you would hear if you walk into my room during the day & evening, not as much noise during the night.

Google (best noise cancelling headphones) someone here should be able to steer you to the right pair.

Sounds like you are going to have to become strategically nocturnal in order to record at night. Unless you can wrap those kids in bubblepack.

Bass traps are a form of acoustic treatment, not soundproofing. Soundproofing is possible but it'll have to be something covers the whole floor. I don't know if that's feasible. You might be best mixing on closed back headphones and learning to compensate for the sound (closed back headphones will usually augment the low end).