I think it has a lot more to do with the implementation. I have one DAC that is fully firmware upgradable, has very good DAC chips and an amazing host of DSP features . Remote control, can record to USB...Its amazing what it can do and it sounds very good
My other DAC uses 8 thirty something year old NOS Philips DAC chips with no oversampling and a discreet analog stage with tube output. It has zero features other than Input selection and power button. It sounds much better than the DAC with the latest and greatest chip set. It's the implementation and high quality output stage that makes it sound great.