Man, this is something I've wrestled with forever, especially in horror sequences. Early on I'd just write BANG or CREAK, all caps, and it felt cheap. I shifted to trying to describe the sound through action and consequence - the report echoing across the valley, birds taking flight. Sometimes that's better, but sometimes you just need the visceral punch of that onomatopoeia.
I've found it's about rhythm. A single, bold CRACK works better in a fast-paced fight than a paragraph about timber splintering. For ambient noise, like a haunted house, weaving the description into the character's perception is stronger: 'A groan seeped from the floorboards, a long, weary sound that seemed to argue with itself.' Lets the reader's imagination do the heavy lifting. My current rule is to use the stylized effect sparingly, like spice, and only when I want the reader to 'hear' it the exact same way I do.