I don't much about audio, but wouldn't binaural stereo only work if the two speakers are to the sides of you, like with headphones? Would this work from a TV that's an ambiguous distance in front of you?
As a side note, Windows (and Xbox) support Windows Sonic, Dolby Atmos for Headphones, and DTS:X, all of which simulate spatial audio for headphones. It'll simulate a 5.1 (and 7.1?) setup through the headphones. Some games have spatial audio simulation built-in as well, such as Elite Dangerous. I believe UE5 also has a spatial audio engine. Finally, I believe PlayStation emphasized spatial audio for the PS5, but I don't really know the details of that.
As a side note, Windows (and Xbox) support Windows Sonic, Dolby Atmos for Headphones, and DTS:X, all of which simulate spatial audio for headphones. It'll simulate a 5.1 (and 7.1?) setup through the headphones. Some games have spatial audio simulation built-in as well, such as Elite Dangerous. I believe UE5 also has a spatial audio engine. Finally, I believe PlayStation emphasized spatial audio for the PS5, but I don't really know the details of that.