Wavy is fully object based! It has no concept of audio channels. This may seem strange at first, especially for studio engineers. It does make a lot of sense, once you get it.
The goal of sound reproduction is, and has always been, to recreate the original as faithfully as possible. Thing is, the environment you play a recording in, has tremendous effect on how that recording will sound. And because no two setups are alike, you'd create the mix tailor made to the setup/environment. That is exactly what object based audio enables you to do.
Instead of confection sizes (stereo, quadraphonic, 3.1, 5.1, etc), you get freedom. Object based audio does not impose a certain number of channels, or where to place your loudspeakers. In a way, it is a much simpler format. It simply stores the different sound sources and their location. The mix is decided at time of rendering.
Imagine you are creating a mix of an orchestra performance in a concert hall. Every instrument had its own position. Strings on the left, brass on the right, etc. You'd obviously have to create a mix for stereo playback and a different mix for 5.1, etc.
When you experience true immersion, it is likely you won't notice anything. True immersion feels natural. Even trained ears usually don't pick up many elements of a Wavy experience. Only when we point them out, or mute them, do they become noticeable.
This is especially true when combining Wavy with Virtual Reality. These simulations can be so convincing there is no suspension of disbelief left. Your mind simply accepts the new environment.