My experience has been that once I have had a good DAC… not the be-all end-all… but good. Then the streamer makes by far the biggest difference. So for instance assume we’ll chosen a good $5K DAC and $5 Streamer, as you incrementally increase the investment in these components, the streamer contributes about 70% of the change vs 30% for the DAC. Not hard and fast, but in general. I mention this, because there is a tendency to think… it’s just bits for the streamer… it can’t mater. It maters.
Under the $5K I found it varies wildly… DACs can provide poor sound quality and improving the DAC can make a huge difference. Hence, a recent comparison I did using a Aurrender N100 and a Schiit Yggdrasil and swapping the Yggdrasil for a Linn DAC ~$5K. I also swapped the Aurrender and Linn streamer ~$5K.(in one box, testing separately. The difference was striking with 70% of the difference coming from the change in DAC and 30% from the streamer (although in this case the Aurender sounded better than the Linn streamer).