It works, but the quality is noticeably reduced. Gaming (and using VoIP in e.g. CSGO) on this profile is practically unusable, the quality of sound is so diminished that it is very annoying.
As for "reduced", as in, worse than simply monoplex stereo headphones (no headset/microphone support), true, but it's a bandwidth-related limitation, not software impmentation limit, AFAIK