The absolute max or min volume of course depends on the position of your volume knob. That can be set to real levels in principle.
The dynamic range between lowest and highest volume in a work, however, is typically already compressed somewhat for recordings, compared to the live event. The full real range between a single flute or triangle compared to 100 people in an orchestra at full volume is probably too much for the home and most systems. It definitely was that way for vinyl because that couldnāt represent the real range at all. Maybe it changed somewhat with digital but I think some compression is still used, typically.
However, in some cases more compression may be desired for home or in particular car. Thereās a difficult balance here because many hifi people want as little as possible. So, doing this on the fly with DSP would be ideal to satisfy both preferences