Not true.
TrueAudio is 2+1 Tensilica DSPs that can run very particular runtimes significantly faster than a general purpose CPU could. That's literally the purpose of a DSP.
You can do -the general algorithm- in software. You can't do anywhere near as many iterations, with as much resolution, from as many sources, or otherwise increase the scope of the effect, when you run it on CPU. So, you can't do the same thing in software. You can only do a low res approximation of the same thing in software. A parallel example is that the 360 can run Crysis 3 sure, but it's not anywhere near the same visual fidelity as on the PC version. Same basic idea here
In real life it doesn't matter that TrueAudio is computationally superior in specific contexts. Developers would rather spend developer time and money on making the graphics better, adding levels, content, optimization, 95 times out of 100 instead of adding advanced sound. They must not see enough demand for it, so no one takes the time to program the more advanced effects. So the discussion is pretty much theoretical since the economics of it don't work out. Chicken and the egg