I cannot be definitive. OTOH, if JRiver can decode HDCD in software, I see no reason to reject the idea that others cannot also do it in firmware. Can you suggest a performance test to determine whether there is decoding?
Maybe burn two discs, one with the software hdcd switched off and see if there’s a difference when played back at the same level on a known real chip based hdcd player.
But you have to be careful, I believe hdcd can sound slightly louder in dynamics.
" If you play it back without HDCD encoding, the quiet part is simply louder so it’s like dynamic range compression. As the quiet part arrives, HDCD encodes a flag that tells the DAC to reduce the amplitude. The DAC is working in 24 bit so it can shift it down without loss of resolution. Then as the music gets louder again, the HDCD encodes another flag telling the DAC to "go back to normal". ."
Cheers George