There can be a lot of reasons why an outboard power supply might help, and it’ll depend a lot on the particulars of a given circuit and the PS specifics, but a good PS can certainly be an audible upgrade in some circumstances.
I built a regulated linear outboard PS for my Hagerman Bugle 3 phono stage, and it was a nice audible improvement. Not sure what to expect if I upgrade the PS of my Topping DAC.