Yes. I have Nikons and Lumix cameras and I can tell you the difference between the outputs from small sensors to larger sensors and full frame, and iPhone and phone camera output.

For audio it is more difficult. I used to work at a signal processor manufacturer (high end audio gear, clever chaps, I was merely a software man) where the guy was convinced he could hear the difference between 24bit WAVs and 320kbps MP3s. He was deluding himself. He was partly deaf and sitting 5 metres away from him in an office I could hear his earbuds blasting music all day long.

I can hear when clipping and resonances are introduced, and also hear terrible guitar cabinets and bad tubes in guitar amps, but that's because I have been playing bass and guitar for 30+ years and have very sensitive hearing. I detest heavy compression. You can feel your ears shutting down.

Yeah there's definitely a lot of things that can go wrong, especially in a live hardware chain.

But with the software, what a lot of even pro DJs and sound guys don't seem to realize is that modern compression codecs are damn good. They represent the cumulative efforts of so many of the smartest audio nerds obsessing over it for decades.