Pressing 'Ctrl-x h' after 'noglob cd' reveals:
tags in context :completion::complete:cd::
local-directories (_cd)
tags in context :completion::complete:noglob::
use-compctl (_default _python_argcomplete_global)
globbed-files (_files _default _python_argcomplete_global)
I would expect that plain 'cd' and 'noglob cd' offer the same completion items.
They do, for me, zsh -f with default completions.
_python_argcomplete_global is not part of the base zsh source, so it must have been added to your completion functions somehow. I would look for something there that has unwittingly or misguidedly changed the completion for "noglob".