An analog volume control reduces both signal and noise together. A digital volume control only reduces the signal level
You put that out as a statement, not technically in relation to PS Audio, but you did talk about them in the prior sentence, so I can see that.
There is nothing on the market with an analog noise floor of -192 dBfs.
Correct, as the noise floor is reduced due to the performance of the analog components in the DAC. The 32Bit chips on their own are -192dB, as that’s what 32Bit is. The ESS 9038 and AKM 4499 is -140dBFS, and was ~-130dB a few years ago, so slowly progressing forward.
So, even ignoring how they can lower the noise floor with attenuation, if you did the same -40dB attenuation, that would be -100dBFS, still a greter dynamic range than what we have in-room (around 80dB).