Yes it did. But it was a step up the ladder compared to what was available at the time.
It maybe difficult for some of the younger guys to relate to but some of the best "audiophile" sound came from Monaural Hi-Fi or monophonic sound reproduction; Mono for short or single channel, in the 60's through the early 70's. Stereo 2 channel then was a bit like Blu-ray today. Not as wide spread in user base, quality of recordings and pressings was all over the map, and it was expensive as you essentially had to have twice as much equipment as mono had. Mono recording was "mature" and would often present a better sound stage compared to the stereo offering of the same artist.
Witness the recent re-issue of the Beatles catalog on CD in mono. I still have Beatles, Cream, Hendrix, Led Zeppelin , Yardbirds, etc. on mono vinyl. They don't have the ping-pong recording technique with weak vocals on top of drums in one channel and every thing else squeezed into the other.