There are many variables involved comparing a 2-channel setup to an immersive ditto, and likely it means comparing two completely different setups where the core 2-channel audio will be the deciding factor by the end of the day
Not really in my case, because my 2-channel setup is the same, whether used stand-alone or effectively embedded as the main channels in an immersive set up.
Most audiophiles would probably agree that speakers are the most important part of any 2-channel set up. My main speakers are either Quad ESL2905 or KEF Reference 1. Not too shabby. They are driven by a 2-channel Krell Class A amplifier, again not too shabby. They can be fed from analogue record players (Garrard 301 and soon a Holbo air-bearing system) via a Krell pre-amplifier.
So far pretty standard 2-channel.
But for silver disks, including CD, SACD, Blu-ray and 4K, I use a Reavon player as a transport and feed a Marantz AV-8802 pre-processor via HDMI. The Marantz contains 7 high quality dacs from AKM. It can handle everything I can throw at it, including native DSD, multi-channel high resolution PCM, Dolby Atmos and 4K movies.
Two Marantz output channels feed the Krell amplifier, and six more go to a Perreau chassis containing three 2-channel amplifiers.
The difference between 2-channel and surround can be quite subtle, depending on what the producer wanted to capture, or it can be awesome. Going to immersive sound is not subtle but unambiguously creates an experience way beyond 2-channel.
Now this observation seems odd to me, but many 2L.no recordings place instruments all around the listener. I don't notice my rear speakers being any worse than my front speakers - I just hear great music coming from an integrated venue. Same with Deutsche Grammophon Dolby Atmos organ recordings from Notre Dame in Paris, where my four Klipsch in-celling speakers contribute seamlessly, to my ears at least.

