Does the wattage of an audio receiver or speaker in any way indicate its fidelity or only its volume?

Question

Please explain. Also, what are the specs of audio equipment that measure fidelity?

Answer 1

The wattage does not indicate fidelity.  It doesn't even indicate maximum volume., although there is some relation.

Fidelity is indicated by frequency range and amplitude variation within that range, distortion level at full power; noise & hum level.

Maximum loudness depends on the efficiency of the speakers as well as the location of low-frequency speakers, and the max power of the amp.  the power rating of the speaker means nothing except as a safety level.