Ok
From https://www.embedded-computing.com/home-page/5e1361a12c6e1
Version 5.2 of the Bluetooth Core specification introduces support for isochronous channels over Bluetooth Low Energy between the source (e.g. your phone) and the receivers (e.g. earbuds). Left and right audio channels are transmitted and picked up simultaneously: Quality at the earbuds is as good as it is at the source. Furthermore, an additional channel can be supported for voice control, coming back from earbud-microphone pickup. You can have simultaneous TWS and voice. While answering a call, your music can still play in the background, at reduced volume.
and
Multi-source is supported, which means that you can connect to audio sources from a number of music playing mechanisms, switch from one source to another instantaneously, and allow any one of these to dominate while others are turned down but not silenced.
Edit: Thinking about this, you would have like a mixing desk on your phone. You might have microphones on 2 or 3 friends at a gathering. Make one in your left ear, one in your right, one straight ahead. Mix their relative volumes so you can still hear the outside world. Not sure the world needs more people playing with their phones at parties though.