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.
Me and the wife watched everything like this on our AppleTV back in 2021 when we had our TV in the same room where our newborn daughter was sleeping. Worked amazingly well.
We’ve sinced move to a house and are now rocking a full Dolby Atmos setup while the children are sleeping upstairs but I think back to those days sometimes. :)