What’s interesting is that the grain on release prints, at least from what I’ve seen, when projected in a cinema is really faint and when more visible usually indicates an optical effect.
Mostly because projection is really soft, the lenses aren’t particularly sharp, the screens are ‘rough’ and the image is ‘flashed’ multiple times due to the shutter and the film moves slightly with each ‘flash’, our brain does a bit of temporal processing on that - the grain is much more prominent in the screening rooms at work with really sharp optics, a smaller smooth screen and a film projector without much slop in the mechanism.
To view on a TV is a much different thing, so I believe for a home theatre release, you do need to reduce the grain slightly, to get the same effect as viewing film in a commercial cinema.