That is a totally valid method and the purest form of “using your ears”. However, there are tools that can be used to measure these things and some prefer to use them as well. I am one of those people. I use my ears and I use measurement tools to help arrive at a good balance of comprimises. But it’s not entirely necessary however it can help to squeeze more fidelity out of the audio. But, as has been pointed out, there are many different goals and so using empirical methods may not be relevant to your use-case.
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