I don't think we're beating a dead horse quite yet so I'm going to respond.
First, I think you have a typo... "The transport process is definitely lossless (unless it uses network-based protocols... )". I'm pretty sure that you mean "lossy" (the opposite of lossless) since the rest or your statement talks about the effects of losing data (lower resolution, color degradation, etc.).
Secondly, I agree with most of your facts, just not all of your conclusion. To paraphrase (and please correct me if I'm misinterpreting your words), your point is that because AV is "real-time", you can lose data because the algorithms/transport run out of time or buffer space to do appropriate error correction. This may be true with high resolution video such as Blu-Ray as rather intensive processing is required, and perhaps this is why you changed the subject more toward video.
However, I disagree that these factors have any impact on audio (at least the 2 channel CD resolution audio within a self contained system like the BS5) because, with today's hardware, the processing and data volume required for audio decoding is miniscule. For example, my 1.42GHz PPC MacMini can convert a 4 minute audio ALC to AIFF in ~15 secs. Only a very poorly designed system could not handle 15 secs of processing spread across 4 minutes of audio playback. Even though this is "real-time", as you can see, there is plenty of time to drain buffers, deal with codec latencies, do error correction... and this is far from a state of the art computer... it was criticized as "slow" even when it was brand new π. Yes, codecs can have different latencies, but, for CD audio, they're all well within the hardware's tolerance.
Stan