@onhwy61 has it right. Done correctly, Dolby does NOT change the original tonal structure (timbre) of instruments or vocalists. It takes the original signal and boosts the high frequencies for recording, in playback reducing the high frequencies by the same amount, thereby restoring the original tonal structure. And the hiss encoded into the recording is simultaneously reduced by the same amount, the very rationale for the Dolby process.
By the way, the RIAA recording and playback curve was invented and employed in much the same way, with the addition of a generous bass cut in LP mastering (to reduce bass-induced groove modulation size), a generous boost in LP playback via your phono stage’s RIAA compensation filter.