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I think it's just their natural instinct to be careful not to be infected with anything. Even when I cough they are careful and back off not necessarily because it's loud because more because of infection. Animals are really sensitive to sense smells and have instinctual concern about getting sick from other animals or even humans.
Oh gosh.. when I sneeze Smudge comes running to me to make sure I'm all right. He meows and meows until I talk to him. Once he's satisfied I'm not in the throes of death.. he runs off to whatever he was doing before I sneezed.
My other three... couldn't be bothered with my sneezing.