It's not unheard of for the hinges on some of the 2016-present 13/15/16 inch MBPs to make some sounds on some systems. It really depends on how loud it is and how much it bothers you. If it bothers you, definitely return it. My 16 inch makes a faint sound when closing it coming from the right side hinge and it's never really bothered me as it is very faint.
Procedure-wise, my returns with Apple have functioned independently of new and replacement orders. If you need one ASAP and the financials work, you could order a new computer right now from Apple no differently than you did the original, and then perform the return where you send back your current system and after like 3-7 business days it gets refunded to your card. Alternatively, you can return the system, wait for the refund, and then place the new order once the refund goes through if you are not in a hurry.