It depends on the system, sometimes yes, usually no.

The sound pressure levels achievable with a hi-fi system come down to two parameters: amplifier power output and speaker sensitivity. Low-power amplifiers can create realistic sound pressures and dynamics, but only when partnered with sensitive speakers.

This all comes down to simple physics. A 20W or 30W per channel amplifier can’t offer high-fidelity dynamics and sound pressures with ‘normal’ sensitivity speakers, that is speakers with around 89 – 91dB/Watt sensitivity. It’s not physically possible. Hi-fi listening at low levels may be possible here, but scale and gravitas will be missing.

However, when you partner up a high-quality, low-power amplifier with high sensitivity speakers, say 93 – 98dB/Watt, then you can achieve real heavyweight dynamics and punch, so it’s a sliding scale. Trade one and you need another.

Likewise, traditional lower-sensitivity studio speakers will need a more powerful amplifier to drive them properly. Speakers with 85dB/Watt sensitivity for example will need a seriously beefy solid-state amplifier to drive them. This is inescapable.

This FAQ covers the concept in more detail.