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Angles can be deceiving. Don't forget that there are also time keepers, referees and ring announcers that can simulate the sound. Also if it was on Smackdown the sound can be added in post production since it is taped and Smackdown is heavily edited anyway.
Sheamus can also slap himself, hiding it behind his own body as well as Show's from that angle.
If Show connects with his fist in a wrestling match he is 99% holding it in. If he did hit you straight on you'd probably die but he's pulling his punches in the ring.