If one of your main concerns is stopping sound from traveling in or out of your room, this is most likely addressed with a multi-layered studio construction approach - adding mass and/or airspace to your existing structure or better yet, building a room within a room. Acoustic foam is not a sound barrier, so it will do little to stop sound from traveling through your walls, ceiling or floor.
What you need are materials with mass and density, like the soundproofing construction materials below. For inspiration and information on soundproofing construction, consult Acoustics 101.
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