@atmasphere While I understand what you're saying, that distortion will make the contrast between loud and soft greater, I don't think that is likely to result in realistic dynamics.
In live music, microdynamics are particularly evident, and sudden changes are evocative. This is a perfectly accurate presentation, by which I mean the live event is the reference.
Among my audiophile friends, we generally like live classical music, so that is our reference. When an amp can portray high dynamic resolution and startle factor, I think it makes sense that that amp is doing something right.
Maybe there are a few audiophiles somewhere who get fooled by distortion. Maybe they don't have a live reference, or they are listening to studio recorded music, maybe even highly processed music. I haven't run into them.
You seem to have something against SETs. I have listened to some good SET headphone amps, and they had great microdynamic resolution. I didn't listen long enough to get a sense of the macrodynamics.
I think it can be a fallacy to blame "euphonic distortion." That is, someone says amp XYZ is realistic (or vinyl is realistic, digital is not, etc.) and the engineer can't explain it. All they know is that some types (some types) of distortion are higher in amp XYZ, so with no other explanation available to the engineer, they say that it's "euphonic distortion." What I think is that distortion can't explain realism.