@donruydesilva - I had the same experience as @soix using my Denafrips Gaia and Terminator Plus DAC. Even a low cost HDMI cable was a nice improvement over AES and USB.
Unfortunately, Denafrips's latest FPGA update for the Terminator Plus makes the i2s no longer compatible with the Gaia. I have a very early Gaia which does not have programmable i2s outputs, and for some reason, Denafrips chose to change the i2s format to be incompatible with the Gaia. I'm a bit peeved about this, but I do like the FPGA firmware update which they provided for free.
I am currently rethinking my digital chain, so haven't invested in upgrading the Gaia yet. But I would second @soix's recommendation to get a cheap HDMI cable and give it a try.