You can produce with bad monitors, but why would you? The result would be less than optimal. Sometimes it can be corrected during mastering (with other monitors).
Comparisons with video production are on point. Nobody would use a display with a TN panel when color grading a Hollywood production. It would be considered insane to be honest. The big difference with video is that there are standards to follow. A video monitor has to be accurate. Otherwise it's considered useless.
B&W speakers used to be accurate. All the Matrix series were good, and also the first 800 Nautilus series, but then it started going downhill.
en.wikipedia.org
Studio mixing is the process of artfully assembling the various parts of a multitrack recording into a standard stereo track. While most recording engineers are capable of producing a basic mix, studio mixing engineers make this task into their own art form, using a mix of technical and musical...
www.berklee.edu