Don't confuse people with "spatial sound". We DON'T call 5.1 speakers as "spatial sound".
"Spatial sound" has a specific meaning --- it is a virtual surround for HEADPHONES. You only have 2 ears, therefore 5.1 has nothing to do with anything.
https://en.wikipedia.org/wiki/Head-related_transfer_function
This is my opinion on Windows's "spatial audio" setting, as its naming was a major reason for my confusion with surround sound in Windows 11:
If Windows's "spatial audio" or "spatial sound" only concerns headphones, it should be renamed to match that meaning. Wikipedia seems to agree with me that spatial audio is surround sound in general (be it virtual surround with headphones or using speakers), and I agree with that notion: Wikipedia redirects to a general article on surround sound when you search for "spatial audio": https://en.wikipedia.org/w/index.php?title=Spatial_audio&redirect=no
While on the topic of misleading Windows names: I am not 100% sure, but it seems that Left channel and Right channel are swapped. I would expect Left channel to represent the left speaker. The swapped channel would apply to Windows -> Settings -> System -> Sound -> your speaker output -> Output settings
The test sound from here should play on the left speaker first, then on the right speaker, if I am not mistaken. However, increasing the "Left channel"'s balance value increases the right speaker's volume. Using Control Panel's Sound setting I could also use a built-in test sound that also features a visualisation for clearity. The test sound sounds the same here, with the same balance as set via the modern "Settings" from before.