For now, I'm going to set aside any discussion comparing the situations of children who have parents who will read to them to those whose parents cannot or will not read. However, please realize that is an important discussion to have.
Rather, I want to mention the importance of reading out loud. Certainly, we get used to reading in our heads which allows for a faster and more private experience. However, people of all ages benefit from hearing a story spoken. It travels through the brain differently and becomes more of a shared experience. While the going is slower, and the process wears of the voice of the reader, the experience is worth the effort.
Due to COVID, I've been recording many of the readings I've assigned to my literature classes. Even my honors students and my soon-to-be-graduated seniors have commented about how helpful they find my "Read Alouds" to be (those who take the time to listen to them). Granted, there are a few who say that they use them as a sleeping aid, and others who remark that they particularly like to listen at 1.5 or 2 times normal speed so that I sound like a cartoon chipmunk. Still, there are some who have remarked that hearing it aloud helps them get into the rhythm of the language and thus better understand what's being read.
For adults, I would recommend audio books. Professional readers can add an extra dimension to this story-telling medium that transcends what any other type of technology can deliver. That, and there's just something comforting about having somebody read to you.