I am by no means a professional audio engineer, but I p̶l̶a̶y̶ ̶o̶n̶e̶ ̶o̶n̶ ̶T̶V̶ am a lifelong audio enthusiast, so these are my clearly my opinion, but:
I once did an experiment recording a solo piano concert in a beautiful music hall. One instrument only, not a band or a group. I created two setups for the recording, one was with two traditionally-placed high-end mics, and the other was with a binaural head recording unit sitting in the audience.
Afterward, I asked several people to compare the two recordings and give me their opinion.
Many comments about the traditional mic setup were quite favorable ("this recording is very clean" or "very pristine" or "this sounds like a good CD recording", etc.). But without exception, every person who then listened to the binaural recording gasped or exclaimed about how realistic it sounded. About how it sounded like they were sitting there in front of the piano. Some even had goosebumps.
The very-good-but-standard stereo setup recorded reverb, overtones, harmonics and so much more in a beautiful way, but the binaural recording caught the subtle cues and millisecond differences in right ear-left ear perception that can fool the brain into thinking it's live. It's not just about 'stereo separation' or 'left-right panning'.
Check these out (ONLY WITH HEADPHONES) for an idea of why binaural audio is so interesting (even better if you close your eyes and do not move your head while listening):
https://open.spotify.com/track/6CXy9faZUH6K49dcJOikK9?si=b8b...
https://open.spotify.com/track/2U46YhTirldVjofuErenz7?si=579...
Another interesting link: https://www.youtube.com/watch?v=wAFXElyM-TM