Cleeds,
Yes,, you’re right, dynamic range is a factor.
Volume levels
I don’t know if it’s just me, but I find that I have to boost the volume levels more when I play records softly than when I listen to digital softly. I find that at low levels, records do not equal the intensity that low levels on digital do even if they emit the same number of decibels. I find that I’m forced to listen to analog more loudly to achieve the same measure of SQ.
How about you?