Yes, he has had at least as great an impact on sound for home and theater as anyone of his era.
I posted on facebook when I learned of his passing that I could scarcely go 10' around my house without encountering his name on some piece of media or equipment.
His Dolby A was increasing the dynamic range of studio recordings before most of the world encountered "B" for cassettes. His work to improve optical film tracks and give them greater fidelity and dynamic range, as well as stereo, led to the development of analog home and theater surround sound, which brought us to Dolby Digital 5.1 etc. and where we are today.
At one time, I was working with one of Dolby's first employees on AES historical committee events and attended a couple of AES events @ their SF facilities. Through him, I had the pleasure of being introduced to Ray Dolby at one of these events. I was rather in shock, as he was just there mingling with the rest of the crowd at the reception.
An experience I will always treasure.