@dtorc like usual it depends. For one it depends on the quality of the tos transmitter and receiver. Oppo and Ayre both have great ones. Many won't pass 24/192 reliably. They don't have enough bandwidth. Oppo/Ayre does it well.
A top toslink cable is required. The best use real glass fibers - not plastic. Top rated optical cables tend to be DH Labs, Wire World, and Lifatec. Optical cables have a big advantage over spdif. They break the ground connection between components and can't transmit electrical noise.
I asked Charley Hansen (R.I.P.) why Ayre didn't make a DAC with RCA spdif. He wasn't a fan. At all. Felt if USB source was noisy that well done optical gave the isolation advantage. Like everything Ayre does there are reasons they offered optical instead of spdif.
I also like the Ayre sound. No one else has the tweaked Ayre filter.
Good luck,
aldnorab