OP, I have a Node 2 and a similar receiver, the Anthem 720 playing 5.1 for HT. I also use the receiver's dac only because I was forced to do so as I didn't want to use the Node's dac and have the Anthem still convert through it's circuitry when using the Anthem Room Correction. You sort of have to use one or the other to get the best case. I don't know if you'll be using the Room Correction of your Anthem 1120 but for me, I am and that is a big reason I am not upgrading for something like a T2 or similar piece and just keep using the Anthem's dac.
I was tempted to just get something like the T2 and just see how it sounds even though the Anthem will still mess with the T2's sound while it corrects for the room, but I'm still not convinced that's the best idea.
Good luck