If you're curious, find some samples of the same track and see if you can hear the difference between lossy and lossless files. The quality of your headphones will make this challenge easier.
Lossless file types are especially important if you’re presenting your track to a potential publisher.
Some main other factors that influence playback (aside from file type):
Acoustics -- this is influenced by the size of the room and the material the walls are made out of
The size of the speaker -- bigger speakers allow for more dynamic frequency
Location of the speaker -- make sure you orient them to create a sweet spot
No equalization -- the quality of the speaker should speak (pun intended) for itself.
All these factors will be tuned to the ear of the publisher listening to your song. They set up their system and will know what a good quality track will sound like. It's your job to provide them with the best possible file you can, so it sounds good to them.
Using a lossless file type is an important step in making professional music.