am/fm/sw the mono listener will hear "wide" stereo at a lower volume ONLY when there's sound in only one channel, with nothing in the other. When there's 'wide' information on both channels (boys left, girls right as with the Mamas and Papas), you'll get full mono modulation. Also, when something's panned hard left or right, a trick to keep mono loudness reasonable is to put REVERB hard panned to the other channel.
"Multiplex" stereo is just as "stereo" as discrete left/right. The results (when hard panned material is summed to mono) is exactly the same. "Mid/side" or "sum/difference" recording are widely employed techniques in pro audio. Sometimes it's just more practical to record a sum (mono) and difference channel, because when using a matrix decoder, it allows you to alter soundstage width after the fact. Google "m/s" microphones, or go to a pro audio site, or the site of a microphone manufacturer, and read up on stereo microphones. There are a variety of types...usually using two "crossed" cardioid (directional) mics...one on the right pointed left for the left channel, one on the left pointed right for the right channel, or a "mid/side" mic...with a cardioid (directional) mic pointed forward, and a figure eight (bi-directional...sensitive on both the front and back of the diaphram) pointed sideways. The center cardioid mic picks up a 'sum"...it picks up everything in mono. The figure 8 mic pics up "difference" information...the "spaciousness"...with items on the left 180 degrees out of phase from those on the right.
Remember algebra? It tells us that if we know what's common between two items (l+r) and what's different (l-r) then original left and right channels can be FULLY recovered. Decoded "multiplex" stereo is the same as original stereo. So complete is this method, that it's used in pro audio recordings such as location sound, film sound, and more every day. It's also the way audio is recorded on some digital video formats, and VHS hi fi and Beta hi fi. Decca even makes a stereo phono cartridge that, rather than having pickups at a 90 degree angle to retrieve left and right information, had one pointing "straight up" to receive "difference" information, plus a second parallel to the record surface to receive "sum" info. These are matrixed back to left/right stereo.
With an external matrix box, it would be possible to adjust to anything between full stereo and full mono, choosing the choice which results in the best compromise between low noise and distortion (mono...lateral groove modulation IS quieter and lower in distortion), and full stereo. This same technique is used in the "blend" circuits built into most decent fm tuners, especially car radios.