I doubt it. As BIG said, most of the time soffits are used in basement theaters to "hide" obstructions such as ducts, and pipes, as well as a excellent place for lighting, etc. Others do it as you mention as an architectural feature for lighting, star ceilings, etc.
7.4.4 Theater Room: JVC-RS500, Silver Ticket AT 2.35:1 142”, Onkyo RZ830, Anthem PVA-7, Panasonic UB420, Apple TV 4K, JBL Studio 530’s, Dual Driver VBSS
3.1 Living Room: Samsung 64” F8500 Plasma, Anthem MRX 300, Dynaudio Audience 52’s, Dynaudio Audience 122C, NHT SubOne, Roku Express (2019)