You're correct that this can be very costly and, unfortunately, you could do this and be disappointed to find it only muffles the sound a bit. One of the reasons is that the tramping and jumping is not only transmitted through the ceiling but through the walls supporting the ceiling. In addition, adding the most effective soundproofing to your ceiling will noticeably lower your ceilings, if that is a concern.

I wish I had more helpful advice, but I also hate to see someone spend many thousands of dollars to remedy an issue like this, only to find it is not as great a solution as they had hoped for.

You may be able to improve your situation without lowering the ceiling too much. Resilient channels, a layer or two of drywall, and maybe some special acoustic mat material will only lower your ceiling less than 2 inches. Check out https://soundproofcentral.com/soundproof-ceiling/