So if I always listened to music in a concert hall with a 25000 watt speaker system then I might care. But instead I always listen to my music through earbuds or my car stereo or even my home stereo - where, as you say, "The difference in audio quality may not really be apparent".
So, to answer the question of the thread, NO, I can't really hear the difference between Lossless, Lossy Audio.
The people doing this are called DJs and their audiences. In case you haven't noticed, this whole EDM trend has sort of really blown up in recent years. It's not a fringe phenomenon anymore.
A few of these DJs (not many) have endeavored to try and keep providing their audiences with the best-possible audio experience. There's no question that lossy audio has less 'depth', punch, 'inner dynamics' whatever you may want to call it which has nothing to do with frequency response, but certainly relates to psychoacoustics and perceptually how it makes people feel.
The very imperfect vinyl still sounds much smoother and deeper (especially the bass) on these very large-scale sound systems. Many UK dubstep DJs still insist on playing vinyl. It's immediately apparent during gigs when the next digital DJ comes on. Their digital files may sound cleaner, but lack that punch, what sound system culture enthusiasts refers to as 'weight'.