In your test with the Iris added into the chain from your streamer to dac are you saying that the resulting signal sounded better over I2S than it did with SPDIF or USB when coming from the Iris? I would think that all outputs from the Iris would be equally as good with respect to the improvement in clocking.
@lordmelton is correct in stating that the clock in your Pegasus is still performing with the Iris connected. If you heard an improvement in signal quality it would lead me to believe that 1) the clock in the Iris does a better job than that of the Pegasus 2) it’s possibly the combination of both working together that has produced the difference. I’ve read threads on signal clocking where the owner used two Mutec reclocking units in a daisy chain prior to a dac and claimed there were large improvements in the audible result.