I hosted family from out of town and at night two of us wanted to watch a movie while others were trying to sleep.

Figured it was a good scenario to try the audio sharing.

It worked really well. Each person pairs their AirPods to the Apple TV the same you do with one set of AirPods.

Each person controls the volume of their own AirPods so you can each have your own desired volume.

Overall it was a “just works” experience.