I've been investigating Spatial Audio since I got my AirPods Maxes. The results have been very frustrating. I subscribed to Apple Music to sample the Atmos music there and I've learned a few things...
The AirPods Max can't come anywhere close to the dimensionality of a multichannel speaker system. It still sounds like stereo.
The quality of the Atmos music on Apple Music is wildly inconsistent. Switching Spatial Audio on and off, the difference can be an improvement or it can sound worse. In most cases, the ones that sound better are remixes, and the ones that sound worse appear to be stereo run through a DSP to add a bit of bass bloom and reverb.
Played on an AppleTV set top box through a true multichannel speaker system, the playback is true Atmos. In another forum a person had a device that plotted the sound objects in an Atmos mix and showed that the output was true Atmos.
My conclusion is that Spatial Audio on AirPods isn't very impressive because the Dolby DSP being applied is pretty primitive. I'm told there is a significant upgrade to the processing in iOS15 which will come out in September. I can see that this has potential, because the music in Apple Music is true multichannel audio. But in order for it to play back as "spatial" in AirPods, Apple is going to have to do a lot more with the menu settings to allow HRTF calibration. Currently there are only two settings and they have to do with equalization, not spatial audio.
I'm not unhappy that I got the AirPod Maxes. They are excellent headphones and the way they integrate into the Apple ecosystem is nothing short of amazing. I just hope that they will work on the spatial audio to make it live up to the hype a little. I think this has more potential than MQA, but frankly, so far it isn't delivering on its promise much better than MQA did.