All of this talk about file formats and sound quality is quite interesting. I've always understood it as all of the notes and inflections present on vinyl/CD/flac are still tangible on the compressed file. What matters is the quality of file/copy/format used to make the compressed copy.
As far as I've read, and to my ears what changes is the dynamic range, the blackness, the achievable resolution, the depth, soundstage, and layering of what your system presents to you. It's still highly, highly, gear dependent.
I liken it to a playing field. We will use hockey arenas. There is Olympic sized (the largest), NHL sized (still big and great but not as large as Olympic) and the assorted random sizes you will find all across the US & Canada (various mp3 compression rates).
The game (music) is still the same across all the ice surfaces (file size/format) but the game is played differently (what we hear) according to each rink size.
I don't have a good analogy for headphones vs speakers but its like another playing field. Headphones are by nature a smaller listening area so you have less of an area space wise to focus on and identify soundstage, depth, instrument placement, etc.
If you listen to the same track on your 2ch system. Tidal will present the details in a different arrangement then Spotify, then Amazon, then Pandora, then Qobuz, etc. The lead singer is still front and center, the guitars are left, the drums are right, etc.
To my ears the difference really comes into play in the details. Where is the drum placed, how is it separated, do backing vocal sound like they are back and to the left of the lead singer or do they sound like they are huddled right behind him/her. Does the piano sound front and to the right, or does it sound hidden behind the drums and cymbals. If you signal out one part, or key item, you can hear it amongst all versions.
As mentioned above dynamic range is also hugely impacted. Most notably in songs that weren't compressed for radio play to begin with. Think classical here. It would be interesting to see a good db meter with a log/recording function measure two classical tracks from different services/formats, but have them be the same album/recording. I think I've seen this demonstrated before but can't remember where.
And gear also matters (probably most of all) in so much as you care about the nitty gritty details and want to extract the most detail from the recordings as you can.
On that last note, I had a realization tonight. I'm done buying expensive or mid priced beer/whisky. I'm going to buy cheap hooch that I like and spend the difference on quality gear.
And I didn't even get into coaxial, toslink, USB. Or digital cables and transmission hardware.
Just enjoy your music..We are all hearing the same stuff, just differently, not better or worse... No losers, all winners.