I've heard Atmos tracks of movies on HBO Max and AppleTV using my iPhone 12 Pro Max and my AirPods Max. They don't sound dimensional like the same movies on my 5.1 speaker system sound. It sounds like a DSP applied to a stereo track.
We have two ears to determine sound location in space. Head tracking and secondary depth cues are just part of our ability to hear sound three dimensionally. There is a very good reason why binaural sound never caught on... it just doesn't work the same for everyone. They use a standard dummy head, which is great if you yourself have a standard dummy head. But everyone's heads, shoulders, ears and ear canals are all shaped differently, and that can have a huge impact on the ability to hear position in space. Those factors are called HRTF (Head Related Transfer Function), and they are the single most important factor in dimensional audio. With speakers, we use our built in biological HRTF and it works perfect. But when you are slapping transducers on the sides of your head, that HRTF needs to be calibrated and synthesized or the whole impression of depth falls apart.
Maybe there is someone somewhere going "Wow! I can hear stuff behind me with this Spatial Audio!" But I'm not. For me it is a total bust. It sounds like stereo run through a DSP to me. The Smyth Realiser can simulate dimensional sound pretty well I'm told, but that has a complex system of HRTF calibration and settings to simulate virtual speaker placement and the effect of the room on the sound. Apple's Spatial Audio has almost no settings. It just can't do the same thing the Smyth Realiser does.
I have a large collection of multichannel music. It was mixed and mastered for discrete multichannel playback with speaker systems. I would like to know if Apple's Atmos multichannel is mixed for Atmos, or if it is upscaled. If someone out there has the Abby Road blu-ray, it would be very interesting to compare that mix to the Atmosphere one on Apple Music. Do you think they are the same? Or is the Apple one an up mix from stereo? Are all of the Atmos tracks on Apple multichannel mixes, or are some up mixes? That would be interesting to find out, but Apple and Dolby aren't going to tell you. Someone has to compare and find out.