Using live performances as a reference involves evaluating the entire process from microphones to recording equipment to engineering choices to media encoding to my own playback system.
I have no choice but to trust that the engineers had an accurate monitoring system (speakers, amps, etc.) so the assembled track reflects what they heard while putting it together. And presumably, what is on the media is close to what the engineers heard when they assembled the track.
I only have control over what’s in my own playback system. So for purposes of evaluating my own system, I would seek an accurate rendition of whatever is on the media (or stream).
I have no choice but to trust that the engineers had an accurate monitoring system (speakers, amps, etc.) so the assembled track reflects what they heard while putting it together. And presumably, what is on the media is close to what the engineers heard when they assembled the track.
I only have control over what’s in my own playback system. So for purposes of evaluating my own system, I would seek an accurate rendition of whatever is on the media (or stream).