Back in the '60s and early '70s open-reels were among the audiophile formats of choice. As pointed out, though, the market was small and the tapes and machines were too difficult for most people to operate and maintain. Those formats still didn't compare to what is used in a recording studio as the source for many recordings. I think the best consumer open-reel format was 1/4" 2-track. Another format called quarter-track ran 2 tracks in each direction (like cassette) on a 1/4" tape, reducing the quality but adding to convenience.
Some will use 1/4", but high-end recording studios can, and will, use 1/2" ir 1" 2-track for mastering, even if the source recordings are digital. However, once the material is finished, it is unlikely that duplication to analog tape for distribution would preserve any more of the original quality than studio-quality digital duplication. (Keep in mind that I fall into the camp of accuracy in home audio reproduction - I want to hear what the artists/engineers/producers wanted me to hear when they made the recording.)