DH works for a GC and does a lot of public school renovations for all of the major school systems in the area. The answer is it depends on the contract. Most contracts try and use the summer when the kids are out of school. Once August comes, he's done evenings/nights/weekends only or block renovations where they close off a certain area of the building. The school system decides if the kids will remain in the building or use a temporary facility.
The kids are kept away from the construction but probably hear the noise if construction is occurring during the school day.