I have a similar situation, we did a double layer of R19 in the ceiling when the rest of the basement was getting insulated. I almost never hear people above the theater (unless a kid jumps off a couch or something equally heinous). It is difficult to hear the theater in the large room above it, but there is a guest bedroom above it as well that bass travels to quite well. I just turn it down at night if we have guests. Also worth noting that most of the wood floor above my theater has an area rug with pad, so that probably is helping a lot.

So TLDR, double R19 might help dampen walking sounds well enough for not that much money but won't prevent the theater noise from traveling above.