I have regular MP5 and MP5K with a variety of commercial suppressors and a handful of integral 9MM submachineguns including an MP5SD.
My take is that integral suppressors are more quiet than muzzle suppressors especially if shooting bulk pack 115gr commercial ammo.
Now can a commercial muzzle can perform as well as an SD unit if its a larger form factor suppressor and made by one of the top companies, and you also feed it custom subsonic ammo....sure....you can replicate the suppression of an SD, unit but at that point its not really apples to apples anymore.
I like SDs as I can run cheap (or what used to be cheap) 115gr generic ammo through them and get as good (or better performance) as a muzzle suppressor running expensive subsonic ammo. Sure there is cheaper 147gr ammo out (like lawman or blaser) but a lot of the cheaper 147gr was truncated cone ammo that doesnt feed well in many subguns and some of the cheaper 147s were trans-sonic in subgun length barrels. IMHO, the best factory 147gr subgun ammo that would run in just about any subgun and was consistently subsonic and quiet was the Fiocchi 147gr FMJ round nose FMJ ammo. (9APD)
As much as I loved 9APD, it was expensive, like $350 per K and hard to find even in the best of time, when I could get 115gr for less than $200 per K from just about anywhere. I don't know where I could find 147gr round nose FMJ ammo subsonic ammo today given current market conditions.
That said there are downsides to the MP5SD and all SD with barrel ports in general in that they usually take more maintenance to keep clean.
In terms of blowback, one of the issues with the MP5SD is unit set up with the original 120 degree locking piece that I personally think is way to aggressive. The 115 degree MP5SD Action updated locking piece is better but I personally prefer the #16 / 110 degree MP5K locking piece in my MP5SD as it keep the bolt closed longer and reduces the fouling into the receiver and the amount of gas coming out of the ejection port.
If you don't have an MP5 at all I would suggest getting a full size with a nice subgun appropriate suppressor. If you already have a full size MP5, than the SD is a really nice addition.