Certainly there is wide variation in recording quality, but IME system quality has great impact on all recording qualities. A great/good system can't make poor quality recordings sound good, but it can make a much larger variety of recordings sound better than with lesser system.
I have over 2500 cd rips, these are recordings I've owned in some cases, well over thirty years. Point is I've heard these recordings over many years with different systems, some portion of these recordings I thought unlistenable with prior systems. With streaming system improvements I've made over recent years, many of these recordings I thought dead have been brought back to life. For instance, just the other night I listened to Deep Purple's, Shades, 1968-1998 4 cd box set from 1999 for first time in a long time. I long considered these recordings pretty unlistenable, small sound stage, extreme panning, pretty poor timbre, compressed dynamics. Well I chose 1st cd, so early 1968-69 stuff, what a revelation over prior listens, the added resolutions/transparency of present system vs. priors made this rather mediocre recording come alive in listening room. Sure the inherent limitations of recording remained, but I was now fully engaged where this couldn't happen prior. And this exact thing has been replicated many times over past few years, new life to formerly thought dead recordings.
Bottom line for me is as system improves so should estimations of recording quality. A good/great system should be able to engage you with a wider variety of recording quality than lesser systems.