I think that taste is definitely subjective, but that some people understand their taste more than others. I don't think that understanding why you like something makes your taste objectively better, and I don't think that listening to a lot of music makes your taste objectively better. However, if you are only listening to what you hear on the radio or what your friends like and aren't really exploring at all on your own, I think we can ask how much that person really understands their own taste. Your friend who's favorite album of all time is 1989 by Taylor Swift might actually end up really liking harsh noise and industrial metal but it's just something that they've never been exposed to.
So, basically I would say that taste is entirely subjective for everyone, no matter how educated you are on music history, theory, etc. - it's just that some people have explored enough to have a more developed taste, but not necessarily better.
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