I have both the Holo Audio Red and the Mercury V2. I think they are both good value for the money. I am using the I2S output directly into a Denafrips Pontus II.
The default software on the Red is horrendous; I have installed RopieeeXL on both devices, since I use Roon or Roon + HQPlayer to feed them. Very stable, no problems.
One thing to be aware of is the Red has a top speed of 768k PCM on the I2S output, where the Mercury V2 tops out at 192k PCM. This is not an issue if you are not playing with HQPlayer's upsampling or filters.
Both units compare favorably to what I was previously using (Roon to RPI4 / RopieeeXL to USB in of Iris DDC to I2S of Pontus). I'm on an extended business trip, but when I get back I plan to also evaluate the output of the Red's USB into the Iris, to compare the I2S from there to the Red's native I2S (basically a quality check on its I2S vs the Iris).
I currently use both units, with the Red using the NAA functionality of RopieeeXL for streaming Qobuz through the Pontus, and the Mercury set up separately for Spotify, Airplay, etc. going into a Schiit Modi Mulitbit.