For a long time now I've felt that there's only situation where it makes sense. That's movies where it is something about it would make it much more enjoyable on IMAX or similar with a professional sound system. So something in the visual spectacle category.
For any normal movie I'd rather just watch it from my couch. But for the once in a while, over the top, blockbuster I'll still go to a theater.
Avatar is a good example.
I enjoyed each one in the theater but I tried watching Avatar: The Way of Water at home and despite having an entire media room devoted to good sound, proper lighting well calibrated projector and such it was not all that great. The movie fell a little flat without the theater experience to go with it.
I saw the limited run in advance to the 3rd one coming out in theaters again and it was good in that setting, as a reference point for my experience