I think to some degree the older musicians would "compensate" as we were raised on AM
radio... but also we have appreciated the difference, so it may be more noticeable to us.
Its also a very valid point that some "musical styles" would show the lower bitrate obviously, while other styles might benefit... like John Fogerty and AM radio went well together.
Having enjoyed all kinds of music through all kinds of reproduction quality, from in the Studio making the music and hearing it through headphones... to trying to tune a transistor radio... all roads lead to the song as the determining factor.
Remember, wherever you go... there you are.