Yes, there probably are that many targets in the ground. (The only other thing that would cause that much noise is electrical interference.) The SE is a HUGE step up from the Silver. I started with a Sidewinder uMax (a very similar Tesoro) and how much more the SE sees under its coil is a BIG difference from the Silver. The SE is not only seeing everything under an 11" strip in the center of it's coil (as well as some under the edges and out from the edges (zincs are especially bad with that), it sees about three times deeper. I had the advantage of having a Sovereign in between so that helped me a lot. At first the SE sounded like R2D2 on a bad acid trip to me. (My first hunt was in the dark and I couldn't even tell when I hit the noise cancel--it was just one more sound on top of a million others. (Though I still found more in that one hunt than I had in any one hunt on the Sidewinder.)) Now that I've gotten past the steep part of the learning curve, that only overwhelms me once in a while and I just back off the sens and/or go to masking until my brain/ears adjust.)
Good advice from Ellis in turning down the sensitivity and start in the default modes. I can't remember what the defaults are anymore but, if it's that overwhelming for you, turn on auto-sensitivity if it isn't already on and turn it down to something like 12. (It'll still be getting about twice the depth of the Silver.) Also dropping the gain to 6 if it's not there already will help with the iron falsing.
On pinpointing: do the X if you aren't already. The pinpointing on it confused me as well at first and I still don't like it all that much. One key factor is that it's a "ratcheting" pinpoint. i.e., as you sweep it back and forth, it gets tighter and tighter on the target. And it's imperative that you switch to pinpoint away from the target. (Turning it on with the coil up in the air wouldn't hurt until you get used to it.) But, if you do the X, you should be fairly close even without using the pinpoint mode. If you can afford it, get a SunRay X-1 probe as soon as you can afford to. I wouldn't be without it.
Listen for the high pitches. (And, if you know how to edit it, you might want to restrict your screen even more to just have the top-right quadrant of the screen open for a while. That will get rid of most of the pulltabs, except for rectangular ones, as well as can slaw and crown caps. Also, if you know how to edit and you have hot rocks in your area (the NE is rife with them), with the smallest cursor edit out the top right corner (0,31).)
More tips later if you ask and I notice but it sounds like they wouldn't mean much to you yet. (One of the biggest things I was taught after the initial learning has to do with setting the Threshold Tone. (I can't thank Doug enough for that one!))
Hang in there. It's a FANTASTIC machine once learn it. (Not counting all the extra silver, Indians, etc., I've found about seven or eight colonial coppers (note the Fugio for my avatar) with the SE in the 7 months I've had it--only one in a year with the Sov and none with the Sidewinder before that. (Was detecting with a friend with a Silver when I hit one of them and it was clear as a bell to me but he couldn't hear it with the Silver no matter what he did.))