Um. Complex topic.
As many have noted, few systems can reproduce the dynamic range of live music, especially near field.
But overall the biggest limiting factor is recordings. Recordings vary from terrible to very, very good - but few are in that later range. Some are poor on purpose (compressed for playback in noisy environments and on normal systems). Most never strive for audiophile or prioritize speed, fancy production effects, etc over purity. They may sound artistic but never "real". Others are just not perfect. Either way i maintain the recording itself(along with mastering) is the single largest/most meaningful variable. The room and setup may well be next, and few even TRY to get that right.
I have heard a few systems with huge speakers (one was IRS-IIIs), with master tapes or similar, and 100s of watts per channel, in a decent sized room. That came close. For smaller jazz bands and chamber, my system can sometimes startle - but its pretty pricey and tuned (if one looks at market prices...) as well.
But again, it really comes down to the recording. I’ve been startled, as have others with both analog and digital BTW. Those who demean digital sinply have not gotten it right - it has faults, yes, but so does vinyl.
G