As I see it, fidelity is a useless concept for our purposes and has been for decades. It was a useful marketing term back in the day but as an engineering goal I can't see how to use it.
All recorded music is artifice. So fidelity to what?
I disagree that fidelity is a useless concept.
I think terms like "fidelity" only become useless if you make them so. And one way of doing that is approaching the subject with unrealistic demands. If you demand perfection then you'll render plenty of useful criteria useless.
To back up a bit: I've often argued that various approaches to the audio hobby are reasonable. And I certainly think "fidelity" can be a useful concept in one such approach.
So taking one approach, a fairly popular one here: "We only have the recorded signal, so I want to reproduce that signal with High Fidelity."
Well...why? One could say to better hear what they heard in the control room. But then there's the circle of confusion. (Though as I've also argued, that doesn't rule out the goal as useless). So then one can just abandon that reason and say that the recorded signal STILL represents information about the choices made by the artist/engineers. It's a record of all sorts of choices, the different amplitude relationships in the sounds via the mix, the panning, the choices of reverbs, the choice of instruments, etc.
So the idea is, that the recording contains a great deal of information about the artistic choices that went in to the recording. And so you want to translate that information with as little distortion of that information as you can manage, and you'll hear the proper balance of information as it is in that signal. So, you choose low distortion source, amps, speakers etc. And this version of High Fidelity allows you to actually have some good idea of when you are actually moving towards or away from that goal, and in an objective, measurable way.
Again, does this mean you are transported to the studio to hear it as it sounded exactly through the studio sound system? No. But what it does mean is that, insofar as you are transcribing that information in the recording without losing information or obscuring it, you ARE hearing information about the artist's choices. You will be able to pick out the exact type of reverb they added to the vocals, you'll be able to hear - and perhaps even identify - exactly the reverb they chose for the guitar, and exactly what effects. Lower distortion will mean differences in the signal will be better preserved, so you'll hear information that tells you the differences in acoustic guitars, or other instruments, that were carefully selected for the track on the basis of those specific qualities. Etc, etc. This doesn't mean that you HAVE to geek out in trying to identify the technical choices in the mix, but in any case in reproducing the signal with fidelity/low distortion, you are getting lots of information about the recording and what choices the artists made to make it sound that way.
And a technical version of High Fidelity to the signal can let you know when you are getting further from or closer too that goal.
So I think the folks who are just using High Fidelity To The Signal as their goal have a fine case to make.
As it happens, I'm more in the school of "wanting my system to please me (which also includes some nod towards what I think of as "natural/believable" sonic traits for reproducing acoustic instruments as well)" so I am ok with a certain level of coloration IF that aids my enjoyment. However, far from just abandoning High Fidelity To The Signal, I also have that goal. That's because I really do love geeking out over the differences in recordings. I really do want the individual character of each recording to come through, and I want to "hear in to the details" of recordings with ease. So I don't want colorations strong enough to cover those differences up. Further, High Fidelity is generally tied to Lower Distortion in audio gear, including speakers. And generally speaking, as a trend, lower distortion tends to sound better. I don't want for instance a burr of distortion making my ears bleed. Or a coloration that makes all male singers sound too chesty or bloated or unnaturally resonant, etc. And so some level of neutrality and low distortion is also something I care about.
Basically, as I've said, I think various approaches are defensible, with elements of various not being mutually exclusive.