It is an interesting topic. I have no clear answer but my mind seems to work differently when watching a movie or a music video with performers than it does when listening to my stereo. When I want to listen to music, visuals can be a distraction.
From my perspective today, a soundtrack and movie sounds are an important part of the watching experience as accompaniments to the visual -- I am focused on the visual, sucked-in by the visual, not so much watching for the sound though it adds to the experience.
In the case of live music I can see where a jazz ensemble can draw my eye to the musicians/entertainers playing their instruments and emoting, so the visual element has a role. In the case of an orchestra, at least for me, I will listen half the time with my eyes closed. The musicians are fun to watch but the sweep of a large group does not lead my mind to focus on the musicians. I'm there for the live music.
In both cases the visual elements lead to a different type of experience than does music alone. Imo the psycho-acoustic aspects of listening to a stereo, come more to the forefront as my mind engages in the absence of visuals. Contra a movie or music video, my mind is not led to combine music and visual and is left free to roam. Just as while reading fiction my mind is free to create the scenes and characters without being led beyond the words on the page.
This is not to say that concert videos on home theater cannot be greatly entertaining -- of course they can. But the experience, imo, is different.