The Schiit Modi is a very low cost DAC. I have a Modi3, and its excellent - for $99. I'll come out and say though, that unless you only play audiophle records, even the lowly Modi2 ought to regularly equal your phono, or something's wrong. In the real world - the remastered versions of old favourites that are everywhere on tidal in MQA generally kick the butt of any original vinyl recording.
Yes, the BiFrost Multibit is much better, at 6X the price. The Denefrips Ares 2, IMO, is better stil, much really, and can sound superb - but is not the most detailed out there. Yet the better the other equipment the better it can sound - always a good thing.
Few of us have heard all the DACs out there. Since i do contract design, i get to play with lots of different piece parts though, and see a lot of "ideas" most of which are the datasheet for the chip, with a different logo. Not impressed.
Get a bunch of ideas - don't take my world or anyone eles as more than that, and find away to listen in environments that either you can control or at least know well. Bring your Modi and compare back and forth with levels matched. What do you hear? Can't tell? then it doesn;t matter now does it?
G