Ok, so sound of different frequencies doesn't really travel at different speeds. (Unless you get into dispersion - let's not)
If you remember back to physics class:
Velocity = frequency X wavelength
The velocity of sound in air will be constant, around 330 metres per second.
So that leaves the frequency and the wavelength variable. We know that higher pitched sounds have a higher frequency. So if the velocity stays the same the wavelength will reduce as the frequency increases.
Still with me?
Higher frequencies have shorter wavelengths. So sound is travelling happily through air, then it comes to a new medium (a foam ear plug) The base frequencies with long wavelengths this is easy, the ear plug is not even a full wavelength thick. However to get through the ear plug the higher frequencies might need a few wavelengths. The higher frequencies will have more occilations (wavelengths) in the attenuating material and thus be attenuated more. That's why your earplugs will cut top frequencies more than lower frequencies. It's also why higher frequencies travel less distance than lower frequencies, they are more easily attenuated.
OK That's stuff I'm good with, here comes the shaky part: do know that your ears will react differently to different frequencies at different sound levels - I think the mids are scooped out as you get louder.....yeah not sure.
I do know this, for me, there is a point where stuff gets too loud and starts to sound harsh no matter what the source. Just turn your radio up to kill and you'll know what I mean. It sounds good at lower volumes but too loud and it get's harsh (that trebly, grainy sound you were talking about). Yes the speakers might be starting to flake out on you but it's more than that. There is is good optimum listening level for me.
Invest in a pair of molded pro ear plugs. It's one of the best things I've ever done. Concerts sound better and I can still hear my mates after the gig!
Hope that helped