Yes, but you must plan wisely.
First off, when you imply "multi channel" there are several things to keep in mind.
Most classical recordings were done in two channel mode. Nowadays there are a few coming out in multi-channel as part of the original design (RCA Living Stereo recordings are being re-released i ntheir original THREE chalnnel formats from the masters, some Pentatone releases are four channel reissues of recordings done in the heyday of quad 30 years ago). These, amd other recordings done with multi channel in mind from the get go, will definitely benefit from the modern multi channel format
But, using the digital enhancements available in today's receivers may or may not result in a listening experience you would wish to repeat. IMHO, Stereo 5/6, NEO, DPLII and whatever else they have today sometimes offers a different perspective on an older recording but to say it adds to the "realisim" of the moment would be a misquote.
But, there's no saying you cannot enjoy two channel music from a HT. I do it every day. There's a trick, though.
When shopping for your system, think two channel. Bring music CD's. Listen to music in two channels. Once you have found a receiver and a pair of speakers that will satisfy you musicaly, you can safely addthe MATCHING center channel and (preferably) a pair of matching surrounds.
One saving grace... if you should fall in love with some persnicikity speakers (maggie 1.6's & others?) that, for whatever reasons, require a more hefty amp than is in your receiver, most receivers allow the use of a stand alone power amp. Making sure your receiver allows this might be a good thing, if not now but for the future.
Virtually every system that does music right does a great job on HT. Sorry to say that the reverse is rarely true.
enjoy...