I think it’s 75% speakers & how they interact w/ the room.
You can have a really good listening room, top quality front end ( analog or digital), amps/ preamps, cables etc but if your speakers aren’t good or at least really to your liking, you won’t be happy w/ the sound.
Conversely, if you have really good speakers that you enjoy, then even w/ a decent room & mid tier all else, the sound will be good & very listenable. Could it be better? Sure but at least you’ve got a system that pleases you. This is not so in the first scenario.