Surround sound virtualization is pretty common nowdays and generally fairly accessible, working with any game by converting a game’s standard 5.1/7.1 output using whatever proprietary algorithm each company uses. Third party headsets with their own implementation like Turtle Beach have a little adapter that plugs into the optical audio port on your console. The consoles also have their own built in solutions, but I think the PS4 requires you to use one of their own branded headphones (such as the Gold and Platinum headsets) and apparently has two solutions, the standard VSS and “3D Audio”, the latter of which sounded like it was the sound technology used for PSVR and has to be developed by the game. I assume the PS5 is trying to make the “3D Audio” style more standard, but I imagine regular VSS should still be around.
Xbox One and Windows 10 have MS’ “Windows Sonic” and also support an app for Dolby Atmos VSS, but I don’t know if Xbox One requires you to be using a specific headset. There are a lot of PC software outside of that. I’ve been using my Creative Soundblaster’s SBX Studio (which I think is one of several VSS implementations by Creative) for a few years now.
I use the PS4 Sony Gold headset and my PC’s SBX regularly and have had good experience with both. Directionality and the sense of space have both been impressive.