I think the decision of what to do depends on at least the following:

Is there a noise problem? Is the smoke permeating your room?

Are there sketchy people who do not seem to be hotel guests? Does the party room seem to be overcrowded to the point of being a safety problem? Do people seem to be carelessly using candles or otherwise creating a fire hazard?

Are people from the "party" hanging out in the hallways? Are a lot of people coming and going? Do you feel concerned or intimidated about going to and from your room?

What roughly are the laws and legal system in your location? Are the police and courts corrupt? Are you a foreigner and are you in the country legally? Can the hotel kick you out or can someone cause trouble for you if you complain?