I have had sooo many loud neighbors. We live in an apartment too, and we had the loudest downstairs neighbors awhile back, thankfully they moved out. But they would scream and yell all the time.
I would start out with a nice note and put it in an envelope and just say something along the lines of I dont mean to be rude, or get involved, or even eavesdrop but we live in your building and we can hear you while you have your arguments and just wanted to please ask if you could keep it down. Thanks from all the neighbors. Something like that to let them know, you CAN hear them.
If that doesnt work then I would also tell the apartment managers so they can ask as well.
If that doesnt work then yes, I would call police and put in a noise control report.
It is unfair for you to have to listen in on their heated conversations, and they should have enough courtesy to keep it down. What they argue about is their own business and they need to keep it that way unless they want all the neighbors to take a vote on who side they are! Lol.
Best wishes!