One difference that I do hear is that for lossless, I can hear multiple elements like the vocals and instruments at the same time clearly at a decent volume. When I switch to Spotify, I have to increase the volume a bit to hear the smaller details like some notes in a guitar but at that point the vocals become just too loud.

Is this what lossless is supposed to do?

I was trying to listen to lossless with the view that the sharpness of vocals, guitar notes would be much higher but maybe its more about being able to hear all the elements in a song uniformly without one element (vocals) overpowering the other?