After upgrading my Terminator Plus to firmware v3.7 I felt I2S was no longer better than USB.
Before the upgrade my findings were the same as @vthokie83 "adding the Iris DDC and I2S was not a subtle upgrade, it was a very noticeable upgrade in SQ."
I found that the power cord, USB cable and HDMI cable each had a strong influence on the quality of the sound from the Iris. Using the clock out from the TP was helpful but not as profound as the cable.
I also used to have a W4S Music server and 2v2SE DAC. The USB was much better than the direct I2S connection (using W4S cables for each).
Point is I2S is not universally better than HDMI.