Comment by nullc

In terms of storing/transmitting/digitizing, yes.

Distortion levels from speakers are still far from negligible-- by negligible I mean so low as to be extremely likely to be inaudible.

High power amplifiers are just now reaching a point where there are efficient amplifiers with negligible distortion; though they've been pretty good for a fairly long time.

There is a lot that can be done in terms of immersive spatial audio, unfortunately the trouble and cost of installing an array of speakers ... limits deployment. :)

There is also a lot that can be done to use DSP to ameliorate poor room acoustics, this stuff exists, but it isn't super widely deployed.