I’ve done a bunch of testing over the years including a similar test of ‘can people hear mp3 compression’ as well as comparison of mp3 variable bit rate qualities.

In practice, on average playback equipment (by which I mean decent hifi) in an average listening environment most people can’t tell the difference.

But… I’ve also done blind testing with a top mastering engineer on studio speakers and he was able to identifying 48 vs 192 reliably.

Mastering quality was ruined by the battle for perceived loudness. So masters with decent degrees of dynamic range is definitely helpful.