Over the past two decades, laboratory reproduction of soundscapes has been extensively investigated. Technologies such as head-mounted displays (HMDs) and Ambisonics audio have enabled virtual soundwalks to achieve acceptable levels of ecological validity. However, the perceptual impact of higher-fidelity immersive audio–visual reproduction systems has yet to be systematically assessed. Using third-order Ambisonics playback and 360° video delivered through an HMD, this study compared soundscape perception in-field and under laboratory conditions at two sites in Turin, Italy. Objective psychoacoustic descriptors remained stable across experimental phases, indicating accurate reproduction of the acoustic environment. Nevertheless, a significant shift in perceptual responses was observed for one site, highlighting the influence of contextual and psychological factors on subjective soundscape evaluation.