> Essentially all audio today has a high enough bit rate, sample rate, THD...
Some technical aspects have vastly improved over the years yes, but still important is the skill of the person doing the mastering, especially wrt:
> ... dynamic range ...
This is most definitely noticeable between good work and otherwise.
I don't mean stuff like "warm-sounding" or "clinical", but as a simple enough comparison, try a pair of open-ended headphones and a closed one, and tell me there is no difference.