Depends somewhat on the type of pipe. squeaks, if part of it, would likely be from the pipe going through a too tight hole, but it sounds like it's more loose, so that isn't part of it. If there's an elbow that butts up against something, when the flow stops, it literally will bang into it, and likely cause some noises from the inertia, just like hitting something with a hammer. The faster the water flows, and the more it flows, the louder the hammer is.
Stopping the hammering is both an audible and a longevity issue. Movement can cause the pipe to rub against things, eventually, it can rub a hole in the pipe. It also can stress any hoses, so an arrestor is useful when you have a fast shutting valve. Most things manually controlled, don't shut off quick enough to be an issue...the flow stops gradually rather than all at once.