It does to some - I recently rediscovered my love of CD's and was surprised to find they sounded much better than I remembered - I am currently in the process of upgrading my music to CD quality and higher, and was equally surprised to find that Apple doesnt support a hi-res codec for their wireless headphones, even though they offer hi-res music. For me, it makes their $549 (!!!) AirPod Max product extremely confusing, laughable even.

So yes, I think mp3/aac to CD, the change is very noticable. CD to HD (24bit), not so much