Bluetooth has fairly low bitrate which also helps save power. The throughput will also vary with signal quality. It needs to somehow adjust to worse conditions, otherwise it will just keep cutting out. Streaming CD quality FLAC could probably be done over Bluetooth 5 2M PHY, but 2Mbps is just the physical layer. There's also some overhead. Perhaps just enough would be left, but the bitrate will also vary with the content. Not everything can be compressed much, while some audio can be compressed quite a bit.

Probably would work, but the reliability is also a question.

Anyway, just guessing. Perhaps the 3Mbps EDR could be used just fine.

Oh, Bluetooth 3.0 + HS could do 24Mbps. Sort of. It used WiFi to do that.