My understanding is that Project Acoustics is a way to "render" sound within games while stuff like Dolby Atmos or Windows Sonic is how you experience that rendered sound.
Yeah, Project Acoustic is a set of tools for rendering ray traced type audio (project triton) for gameengines (unreal and unity are supported).
It may be that the Xbox Series X has hardware acceleration for this tool, they have talked about the SX having a newer audio block.
DolbyAtmos for Headphones and Windows Sonic are 2 HRTF algorithms/processes to place audio in a 3D space for headphones. The Xbox One and PC's both have the hardware to deliver this currently.
On Windows , Sonic currently allows 112 virtual speakers or dynamic moving objects simultaneously.
On windows Dolby Atmos for headphones is 32 (not a hard limit of the format). This is normally used to create a bed of core audio - a 7.1.4.4 speaker setup of 16 virtual speakers, which you hear as if they were physically placed around you., with 16 moving objects or speakers left to fill in gaps or represent sound beyond a typical speaker setup.
Cerny talked about the hardware of the chip (placing this filter on the audio is expensive)
And that they had made their own algorithm for placing the audio in 3D space (all the HRTF stuff)
What the Ps5 has a pimped up version of what Is available for Pc and Xbox One currently as PS5 supports "hundreds" of virtual objects or speakers.