The origin of obscuration in Active Galactic Nuclei (AGN) is still a matter of contention. It is unclear whether obscured AGN are primarily due to line-of-sight effects (Orientation model), a transitory, dust-enshrouded phase in galaxy evolution (Evolution models), or a combination of both. The role of an inner torus around the central supermassive black hole also remains unclear in pure Evolution models. We use cosmological semi-analytic models and semi-empirical prescriptions to explore obscuration effects in AGN at cosmic noon, in the range 1 < z < 3. We consider a realistic object-by-object modelling of AGN evolution including different AGN light curves (LCs) composed of phases of varying levels of obscuration, usually (but not uniquely) with a larger degree of obscuration before the peak of AGN activity, mimicking the possible clearing effects of strong AGN feedback. Evolution models characterized by AGN LCs with relatively short pre-peak obscured phases followed by more extended optical/UV visible post-peak phases, struggle to reproduce the high fraction of obscured AGN at z ∼ 2 − 3 inferred from X-ray surveys. Evolution models characterised by AGN LCs with sharp post-peak declines or persistent or multiple obscuration phases are more successful, although they still face challenges in reproducing the steady drop in the fractions of obscured AGN with increasing luminosity measured by some groups. Invoking a fine-tuning in the input LCs, with more luminous AGN defined by longer optical/UV visible windows, can improve the match to the decreasing fractions of obscured AGN with luminosity. Alternatively, a long-lived central torus-like component, with thickness decreasing with increasing AGN power, naturally boosts the luminosity-dependent fractions of obscured AGN, suggesting that small-scale orientation effects may still represent a key component even in Evolution models. We also find that in our models major mergers and starbursts, when considered in isolation, fall short in accounting for the large fractions of highly obscured faint AGN detected at cosmic noon.