I agree with the
correlation you have observed. But I think there might be a different
causation than the one you have proposed.
At the risk of oversimplifying, I believe three conditions must be met in order for the perception of "physicality" to occur:
1. The direct sound should sound like the direct sound of real instruments, or close enough.
2. The reflections should sound like the reflections of real instruments, or close enough.
3. There should be a sufficient time gap in between the direct sound and the strong onset of reflections so that the ear/brain system can process them separately. If the reflections arrive too soon, the ear/brain system cannot separate them sufficiently and we do not get the sense of "physicality" that you describe. According to my understanding of psychoacoustician David Griesinger, about ten milliseconds (the time it takes for sound to travel about 11 feet) is sufficient.
Horns often do a better job with the sound quality of the reflection field than most speakers, and their relatively narrow radiation patterns can result in an unusually long time delay before the strong onset of reflections. But it is possible to meet the above three criteria with conventional systems, with dipoles, and with omnis... imo it's just easier (and less demanding of room size and/or room treatment) with horns.
You might find David Griesinger to be a valuable source of insight. David specializes in concert hall acoustics and psychoacoustics, and imo the general principles he decribes are applicable to home audio, even though our reflection path lengths are much shorter. Here is a lecture in which he talks about "proximity" in the context of concert halls, and I think he's referring to what we would call "physicality" or "palpability" or "presence" in the context of home audio.
The link is cued up to where he does a demonstration using a sound clip that has been processed to include only the direct sound; then the direct sound plus the first reflection; then the direct sound and late reflections but excluding the first reflection; and finally all at once. Headphones or earbuds recommended:
Imo the third one ("all but no first reflection") @ 14:20 is what sounds best, combining both proximity and envelopment. While the reflection path lengths are shorter for home audio, imo the general principles are applicable, and these clips illustrate the desirability of having that time gap between the direct sound and the strong onset of reflections.
David also talks about the importance of preserving the phase alignment of the harmonics above 1 kHz or so, and this is a more complicated topic in a home audio context but again it is an area where horn systems often do pretty well.