For me a surround sound setup with discreet speakers is totally worth it, it adds so much to the experience.
It can be expensive though and requires a lot of messing around and tweaking, plus needing to have a room that can accomodate the speakers properly.
I wonder how many people that say that surround sound or atmos doesn't add much are actually using a soundbar that says 'surround sound and atmos' on it, or those atmos speakers that sit on top of other speakers and aim up to the ceiling, trying to bounce the sound up and off the ceiling. Most audio setups, just like most TVs, will not be set up properly. Compare the sensation of listening to a movie in a really good movie theatre with massive bass and positional audio speakers to watching the same movie in the same place with headphones on.
I've only got a 5.1 system, but the speakers are pretty beefy and well placed these days, and there is a powerful 12 inch sub, and it makes a huge difference. I'm hoping to upgrade to 5.2.2 at some point, and maybe get a seperate power amp for the front speakers. All of my speakers were bought second hand over a period of time and it's been pretty cheap really, compared to buying everything brand new.
I have good headphones that I use sometimes but they cannot compete. They sound good, but it's a different experience entirely. That might change with the promise of PS5s binaural audio, but I suspect that headphones will always lack that tactile and roomy sensation you get from good surround sound speakers.