Sure. The solo guitar reverberates over a well defined area, the live audience is not mixed in at performer levels as so often is the case and Sir Coughsalot was not in attendance.
It is always a trade-off, especially with live recording. It sounds like the mics have a cardioid pattern, which are sensitive to what is in front of them, but rejects sound from behind. This keeps audience noise levels low.
The potential downside to cardioid pattern is it can be less sensitive to, less flattering of bass. As a guitar has limited bass this is of little concern.
The soundstage in this recording was created simply by panning the individual mic feeds across the stereo image.
If you listen from the position of the mic, I believe you will hear something more similar to what the mic hears.
I do this when my friend has live bluegrass jams in his apartment. I can get pretty close and close my eyes and evaluate the sound like it’s an audio system. Great way to calibrate your ears…
When I walk further back in the room the sound does flatten out. The acoustics coloration of the room heard, behave very similarly to an audio system.