Cary makes good equipment but the progress in DACs since 2005ish has been enormous. It has Burr-Brown DACs.. I worked at Burr Brown for almost 20 years. Yes, an upgraded DAC can improve the sound. I would recommend a Schiit Gungnir ~$1.2K… or if you really are looking to improve your system over time, invest in a Schiit Yggdrasil… at ~$2.1K these both perform at a much higher level. Should really improve the sound.
You can see my systems under my ID. I have pursued high end digital since the release of the CD (yuck)… and all the incremental improvements since. The DAC is a really critical part of the CD player… night and day since 2005.