Arguing digital radio vs. analog radio is like arguing CDs vs. vinyl. A lot of people will tell you that "vinyl sounds better" and that it's "warmer." Why? Because mastering vinyl required that you adhere to a relatively narrow dynamic range or the original cutters wouldn't give you enough signal to overcome background noise, or too much signal could actually cut through the side of the vinyl groove unless you shortened the recording by creating fewer grooves with thicker walls. When CDs first came out, they had much more dynamic range, much greater frequency range, and much better stereo separation than vinyl. The response? From some people (notably classical music listeners) it was "WOW, that sounds just like the orchestra." From some rock listeners the adventure of listening through good headphones or a great stereo system was "WOW, it's like I'm in the studio with the band." From a lot of radio listeners (and programmers) it was "Wow, that sounds a lot thinner and is a lot less predictable than vinyl. We need new multi-band processing to bring up the low passages and keep the loud passages from overmodulating. WTH, we never had that problem with vinyl." The limitations of vinyl fit the limitations of broadcast better than the new, "better" technology.
What eventually happened? Artists started saying that they wanted their CDs to "Sound like it does on the radio." So techs who mastered the CDs started reducing the dynamic range, limiting the frequency response, and even reducing the stereo separation to what FM radio signals could reliably process. They filtered out any sound below the noise floor of FM, limited the loudest sounds to the modulation limit of FM, and cut down frequencies beyond the range of FM.
Purely digital radio is capable of producing better quality audio than analog radio on both AM and FM. It would require a wholesale change in technology for listeners. At this point, there's no point in doing that when the same music is already available in digital format on an internet stream - and the listener already pays for the delivery technology.
So what's the point of HD radio? At this point, it's mostly to get a break on the compensation to artists required for streamers. Radio station pay a lower fee than pure streaming services. The other reason is that you can get an FM translator for an AM HD2, effectively giving yourself another FM station in many markets. That's not much of an issue in the over-radioed Northeast, but it's a big issue in the under-radioed South, Southwest, and far West.
Bottom line is that listeners have plenty of choices for pure-play music, including selecting their own music if they have the time and inclination. Radio as we know it will stay relevant not so much because of the delivery method by because they will continue to be curators of content and offer "value-added" content to the pure music stream. If you're doing that, the delivery system doesn't matter. If you're not, you're already losing audience and TSL to other music services.