I am a "boomer" (if you like) who built a system for classic rock and R&B.
Although I have spent ~12k on my system, one simple upgrade this past week completely changed it. I replaced a more "budget minded" TEAC NT-505 network player/streamer/DAC with a Lumin T2. Amazing difference in soundstage and overall quality. Matched with my McIntosh MA8900 and a pair of JBL L100 Classics, my sound is so much better and the T2 balances well with the warmer McIntosh. I buy "quality" cables but would never dive into the real expensive cables or power supplies. Maybe you should evaluate that cost and use it towards your upgrades.
I use Tidal and Qobuz. From my experience much of the quality lies in the original recording itself. I only keep both for more diverse Hi-Res music from specific artists.
FYI: The T2 is being replaced by Lumin with the new T3. Buyers might find some really good deals out there on the T2 as it is slowly moved off the shelves for the T3, I sure did.