Yes for sure. I do know that when I had a very nice [insert brand name] rack system back in the day I could definitely tell the difference between brands of speakers. My [brand] studio monitors were better than some jive [brand] loudspeakers. The quality of production mattered too. We definitely thought that certain bands had higher quality of production.
Not to get into specifics because what I thought was good wasn't the absolute audiophile stuff but I had good stuff for what a GI on enlisted pay could get if he saved all his pennies, didn't fly home to the US more than once a year, and only drank so much.