Most of what reads as "live" is reverb. Recordings are made dry and tidy, so putting a room back in moves them toward sounding like a performance happening somewhere.
The reverb sits at 18% — deliberately restrained. Past about 20% on a master the attacks smear and the playing starts to sound less precise. The live feeling keeps increasing; the sense that the musicians are good does not.
The small high-shelf lift is there because adding reverb pushes the top end back; this puts it where it was.
Reverb alone does not get you all the way to "being there". What you actually hear at a gig also includes the crowd, the delay before sound returns off the back wall, and how your ears behave at that volume. Only the first of those is on offer here, and it takes a recording as far as "noticeably wider". Layering crowd noise gets you the rest — but that is adding material, not processing it.
The output lands at −14 LUFS. Adding reverb raises density, and denser audio reads as louder at the same measured level. Unless both versions are matched, that extra loudness gets mistaken for improvement, so export both before you compare.
Sources that already carry a lot of room — hall recordings, acoustic live takes — lose definition when you add more. Dry material benefits most.