However, if you are mastering (which is different than mixing btw) content for use on a home stereo system, then I think you'd want the conditions in mastering environment to match those in the home setup as closely as possible... Whatever that setup happens to be.
Let's do a thought experiment here.
We use a headphone and a speaker to master a recording we made ourselves.
Flat microphones only and no EQ is used. Just a pure recording in 'dry' studio conditions.
We use speakers and headphones that are 'flat'.
We know it is flat because when the original is heard during recording it sound tonally the same as the playback in the same room (equally dry room).
The recording is truthful and sounds truthful in the studio. No boost of any kind, same SPL as during the recording.
Play that back on any decent system in a room and the girl/guy and guitar are reproduced as in the studio but in your home the tonal balanced is changed a bit.
Let's exaggerate a bit... Room boosts lows + 10dB and treble is lowered by 5dB. Home setup thus sounds bassier and less bright.
Now... lets master in this room.
We know how the original sounds in a studio.
We master in the playback room (which has elevated bass and subdued treble).
Mastering engineer makes the playback sound 'correct' in that room as it sounded in the recording studio.
This means: He reduces the bass by 10dB and elevates the treble by 5dB.
So the final master has too little bass and too much treble so it sounds 'correct' in that room.
Play that master back in your room and it sounds great.
Play that back anywhere else and it sounds bright and bass shy.
So no... one we definitely do NOT want the mastering to be done in the same conditions as playback unless that playback system is audibly 'neutral'.
When there is any coloration (Harman curve headphone) you end up with recordings with too little bass.
Master with a K701 for instance and you end up with the inverse recording, too much bass and reduced forwardness and subdued treble.
So mastering should be done with neutral tonality monitors (be it speakers or headphones) at the listening position of the mastering engineer at realistic levels.
Only this way we get a truthful sounding 'product'.
Played back at a lower listening level (at home) there will be audibly not enough bass (Equal loudness contours) but at recording levels it will sound great. But flat speakers in a room boost lows so part of what's lost due to SPL is kind of 'compensated' in the room. At 'live levels' it may be too bassy. No one cares.
With headphones you do not have that room boost in the lows. You need to add it (Harman bass boost) to get the same sensation at sensible levels.
At live levels we get some extra bass which again no one dislikes.
That said... it should not be a boost too high up in the bass range.. makes it muddy.
So home situation and studio situation requires different speakers and SPL.
And one should not master in home situations but in studio conditions. At least when we want to end up with a product that is recorded truthfully.
How one plays that back and at which