You can apply the same virtually as well: simulate a raytraced environment with 5.0 speakers and furniture, simulate an HRTF, and generate the resulting 2.0 audio.
It's possible to do this in a way that's not in any way distinguishable from a real 5.0 setup
I don’t think it is realistic to expect an ordinary home listener of some old SACD 5.0 recording to carry out some elaborate simulation involving the specific furniture in his home, just to listen to something on headphones.
The user themselves not, but if you have some apple homepods and airpods max, they can build the same model and actually do that (and that's part of their spatial audio).
Dolby provides a similar system, but with a generic room simulation, as do several others.
It's possible to do this in a way that's not in any way distinguishable from a real 5.0 setup