You pretty much have to leave. There are some people who will respond well to a direct request to stop or a clear statement of how the shouting makes you feel.
I guess my question is: why is this tolerated? Isn't it just simple harassment so management have to actually do something (even if they don't want to?)
Depends on management. I've certainly ended meetings when someone started to raise their voice and had a one on one conversation with them about professional behavior as well as expectations.
Because the organizations who will hire someone who screams at people are either a) under enormous pressure, b) manned by psychopaths, so your boss's boss either does the same thing or is a cool cucumber who exploits those with less self-control, or c) dysfunctional to the point where they cannot see what's happening or correctly evaluate candidates. It's frustrating and an incredible waste of human potential.
That said you are right; you should also raise the issue to upper management. You have more options than just speaking to them directly.
