All right, did some tests.. I seem to have confirmed at least some of my original bias, so, for whatever that's worth, I'll break it down. I essentially tested separate sections that seemed to form suitable claims to test against, so the split is what I tested:
Normal city outdoors spawns. Hide in a suitable corner, able to break line of sight at will. 5/5 From the shadows.
Throw a rock nearby, get zeds to move there (ApproachDistraction).
While they're moving, throw another rock. Doesn't seem to have any effect.
Keep tossing pairs for a while with similar results.
Eventually it looks like: as long as the zed is still approaching the first distraction as the later one lands, they will completely ignore the later one. Once they've started moving again after reaching the first, they're willing to chase a new one.
(AI point of view, they spend a second or two in a stand&look state before "Wander", only at "Wander" was I able to get them to recognize another stone)
Normal city outdoors spawns. Hide in a corner, no line of sight. 5/5 from the shadows.
Fire a magnum, observe AI state change to "ApproachSpot"; zed starts moving in.
Straight away toss a rock, observe change of state to "ApproachDistraction", zed changes direction.
As it reaches distraction, state change to "ApproachSpot" and it moves back in towards the player.
In simpler terms, a stone distraction will override a normie zed looking for a gunshot.
Sleeper from an attack volume; activated by moving into the volume (not triggered, just activated to normal sleeper function)
Wake up with a gunshot, from out of line of sight. => AI ApproachSpot
Throw rock => AI ApproachDistraction -> reach rock -> back to ApproachSpot
In short, pretty identical to the street spawns.
I'm not entirely sure what these are; the ones that don't get up and move won't fall through ceilings. The ones that do so triggered by an attack volume are automatically after a player from the get go. The only ones that could drop through a ceiling without a target are ones woken up by noise.
Sleeper from an attack volume, triggered to the dreaded auto-agro state by crossing the volume boundary without stealthing:
AI task as ApproachAndAttackTarget,name
Throw rock => no change in AI task
Throw all the rocks => no change in AI task
Zed sees me - restealth (=> ApproachSpot) - throw rock => ApproachDistraction => ApproachSpot
In descriptive form: the attack-volume triggered zeds are absolutely relentless until they see you and get into a normal agro state. Or their timer runs out.
For a dropper test: Sleepers at a dishong tower roof drop (sadly an attack volume, but I don't think they're different to regular sleepers beyond the initial trigger possibility)
Behaved as expected; when auto-agroed, relentless, when not, my distraction ability was dependent on their visual tracking (line of sight plus stealth state). It is quite difficult to know if they ever saw you, but that doesn't matter as long as they don't see you while you distract them (unless auto-agroed)
Here I disagree with the timer; that applies to "auto-agro", the state from an attack volume; but you can drop regular agro by line of sight / stealth at any time.
I may have woken a few of his friends...
I saw this plenty while testing, some of the ApproachDistraction zeds ended up beating on walls for a long time. I assume the same goes for zeds investigating a player noise, as long as they have no easier path to the spot they're interested about. I wouldn't call that agro, in my head agro requires a player target, preferably a tank; but that's probably a semantic issue due to my WoW days..
This seems pretty accurate

(Although the rock will take priority over the player noises)
Confirmed. Additional fun can be found by having suitable boom-booms equipped in the next toolbelt slot.