Well of course. I don't think anyone denies that.
Here's a sample from one of my favorite albums of the last 10 years
I would not really describe this song as "beautiful" but I do think "epic', "haunting", "dark" and "menacing".
However, it is also still good. The chorus melody is pretty catchy and soaring, the screamed parts aren't just unintelligible noise but as well carry a melody. The switching to half time in certain parts was tastefully done, the guitar solos are great and well-played with a slight neo-classical vibe, the build up into them is good, and the production is pretty good as far as metal usually goes and the way the solo leads back into the main riff was well done. It's a pretty smooth arrangement. The phrasing is solid, the structure, and the contrast of sections works nicely. It's absolutely a great aesthetic if you're going for dark and brutal whilst still sounding like actual music.
I now would invite you to listen to Mayhem and tell me if you feel it is as good as the previous example as extreme music goes.
I would say the mayhem example barely sounds even like music. The production is also completely atrocious.
This is where I will say that I feel the two schools of thought are tradition and modern.
The former is the idea that music should be able to stand on its own as something great and inspiring. Regardless of genre or mood, there is a specific craft that applies just the same.
If one has a solid mastery of that craft, then they can almost always compose something which is enjoyable to listen to for MOST people. If the composer is a real aesthete, with a refined sense of detail and style and really knows how to play with expectations and such; that's what separates the "great" composers from the merely "good" composers. One cannot be great unless they were first good, though.
This is the school of thought that I belong to.
The second school of thought, the modern one, is about abstract conceptualism.
It is the idea that someone would listen to this piece
and say that it is "bad' because it "has nothing to say", allegedly.
The fact that it has very slick production, is performed well, has a catchy melody and rhythm and beautiful female voice, with winds that mimic birds as a neat touch, easy and fun to dance too, makes good use of medieval instruments, the entire album has a very vibrant and uplifting aesthetic and that it has over 70m plays on this video alone and basically embodies a lot of what humans find enjoyable about music in general — is all irrelevant because it is essentially mere "pop" music.
All of these are "subjective" things, all of these things that are actually musical, are unimportant compared to some sort of arbitrary social commentary the critic feels is important and can "allegedly" be conveyed through music.
It simply reduces music to literature. You could just write out what the music "says" and how this supposedly makes it good rather than subjecting people to noise. Put some social justice narrative on it for the ultimate highscore.
The fact that everyone down to your 90-year-old Grandma loves Enter Sandman and it's one of the few songs where the audience will actually sing the guitar riff back to you doesn't ACTUALLY mean Enter Sandman is a better piece than my piece which consists of nothing but an ambient drone on a didgeridoo for four and a half minutes because I've slapped some sort of message on it.
This school would say Enter Sandman is just "sh*tty pop music enjoyed by anti-intellectual rubes and working class rednecks" BUT if Metallica played Enter Sandman with Rob and Kirk, men of color, tuning their instruments completely different from James as a protest to "decolonize" heavy metal — what would sound like absolute garbage to every normal person on Earth would get standing ovations and orgasms around the auditorium full of University professors because "it's such a powerful message! THIS is the definitive version of Enter Sandman!" They would then proceed to brow beat anyone who thought that Enter Sandman sounded better when all of the instruments were in tune.
It's this sort of subversive philosophy which drives the likes of Schoenberg, who literally sought to subvert the long-standing tradition of scales because he felt it was essentially discrimination against the other pitches of the chromatic scale...it's actually incredible that he and his school were able to sell this idea as a thing that is actually possible to any number of people.
It is this sort of school which is talking about removing SHEET MUSIC from post-secondary music studies ffs.
https://www.washingtonexaminer.com/news/oxford-might-scrap-sheet-music-amid-pressure-address-white-hegemony-report
So yeah. I don't think a third school exists.
You're either making music because you want to make great music or because you want to destroy western traditions and artistic standards or else what are you even doing?