The sonic limitations are real. So are the performances inside them.
What you're hearing, and what you're not
Mono recordings — anything made before roughly the mid-1950s, when stereo became standard — collapse the sound into a single channel. There is no left-right spread, no sense of the orchestra surrounding the singers, no spatial depth. The frequency range is compressed at both ends: deep bass is thin, high treble can fizz. Tape noise and surface crackle are present. If you come to a 1947 Furtwängler or a 1953 Callas straight from a remastered modern recording, the first thirty seconds can feel like listening through a wall.
This is worth saying plainly, because a lot of writing about historic recordings papers over it with reverence. The limitation is real. It costs something. The question is what it costs against.