Yes, dealing with 2-pin vs. 3-pin connections is an issue in some cases. Please remember that 3-pin does not imply “stereo”. I believe it is misleading to refer to adapters and cables as “mono” or “stereo”.
In this specific case, the (still unidentified) receiver (presumably the power amplifier in this “system”) has only a 1/4 inch input and it seems quite safe to assume it is probably NOT a proper balanced (3-pin) input.
There are very few proper 3-terminal MIC inputs that use 1/4 inch connectors. For example the Tascam DR-680 which uses them for the 5th and 6th inputs for space reasons.
Likewise, the use of a single connector for stereo is typically the domain of headphones, earbuds, and low-end microphones with 3.5mm mini phone plugs (consumer camcorders, DSLRs, voice recorders, etc.)