Is FLAC really that good?

As a financial and cryptocurrency professional, I often encounter various file formats and compression algorithms. Recently, the FLAC audio format has piqued my interest. But, is FLAC really that good? Its proponents claim it offers lossless compression, meaning no data is lost during the encoding process. However, does this translate to a noticeably superior listening experience? I've heard some argue that the difference in audio quality is negligible, especially for casual listeners. Others insist FLAC's transparency and wider frequency range are indisputable advantages. What's your take? Is FLAC worth the extra storage space and potential compatibility issues, or is it just a niche format for audiophiles?