Czarivey, yes it is certainly not always 2 volts, even in the case of a player or DAC which exactly conforms to the 2 volt standard.
As I indicated, the 2 volts (or about 3.1 volts in the case of the OP’s DAC) refers to the "full scale" (maximum) output voltage, which would be the analog voltage that is produced in response to the maximum possible value of the digital data for each sample. The voltage will of course be lower than that most of the time, and often vastly lower, in proportion to the volume of the music at the instant of time each data sample was taken (44,100 samples per second having been taken for each channel for redbook CD).
Also, I’m pretty certain that the 2 volts (or 3.1 volts in the case of the OP’s DAC) corresponds to the RMS value of a presumed sine wave, rather than the peak value (which would be 1.414 times that amount for a sine wave) or the peak-to-peak value (which would be 2.828 times that amount for a sine wave).
Regards,
-- Al