how does it all work ?

If someone were to do this, would you still recommend using the Bose speakers like IMAX does? For me, that would be a deal breaker. I can't listen to those things.

If the end result is the goal, and you know what that goal is, then the components used is different for different goals. If you want theater shaking lows because of a bomblast on the screen, you don't pick an otherwise excellent speaker (Maggies?) that has a different purpose. Sometimes I listen to Spotify (as I'm doing now) using my 5.1 system ....its different and sometimes even more enjoyable than my big system.

Truly, everyone likes and buys different automobiles, too! And, yet, there's no doubting that some are better performing sports cars than others, some more luxurious, and so forth. So if the Indy 500, per say, was your goal, you only have more restricted options to stay competitive for that application!- same would go for formula 1 competition, drag racing, and so on.
Still, there's a right way to do things, and a wrong way. Most people end up doing it a hodgepodge of compromised, mismatched, and questionably chosen pieces and options, and simply just put something in there, in the end, and call it GOOD ENOUGH!(?) I think most here would agree, and if you sampled their system, you'd be a bit less than enamored.
Heck, if I walked into someone's home, and got the same kind of IMAX 4K, super immersive and dynamic presentation, I'd DEFINITELY be impressed!
That said, tell me how your Thiels or Maggies played next to a 55" hd tv would give me that same visceral awe inspiring cinematic presentation, and I'd consider them for my IMAX attempt in my system?!!! I think the choices of stuff starts narrowing significantly

Oh, and, BTW, the custom hand made Bose active horn directional array of IMAX specific speakers are nothing like the Bose you see at the Best Buy, FTR!!
..never walked out of an IMAX (REAL) screening and heard people whispering "the sound and picture is just awful in this dump!" ..never happens, strangely enough. Just sayin