And this is even in systems which are super efficient and made for SETs
(single drivers, Audio note speakers etc). SETs sound like "they are
here" whereas push-pull sound like "we are there". At any volume and
with any speaker I have heard, this is another phenomenon that was
consistent
People occasionally ask me how a stereo is supposed to work, and I explain that the best model I've come up with is that the stereo can act like a time/space machine that can graft your room onto a musical event.
Some recordings are very intimate and sound like they are in the room. Others are larger events, like a full orchestra, in which case you feel more like 'you are there' rather than 'they are here'. IOW IME the way that presents really depends more on the recording if the stereo's ducks are in a row.