Speaking of Victrola, they had their own sound. They can transform you into a different time and place. The old mono machines had their own sound too. Set one up in a room and you can enjoy music in a new and different way. Old vintage rigs have their own sound as well. Takes me back to the classics.
Modern two channel has replaced these old antiques because it allows for a true performance with little of its own sound shining through.
Multichannel? Material mastered well for multichannel becomes its own sort of art form. It is not a standard audiophile performance that it excels in. What it does excel in is creating a fantasy place created by the mix which you can explore. Not putting it down because when called for by the media it can be quite exciting.
With that said I will put it next in line after vintage rigs with 2 channel being the standard for audiophile sound.