@porchlight1 - There is something to that based on the SMc Audio DAC which uses 1990's technology with a Crystal Semiconductor CS8412 "E" Version receiver and CS4328 DAC. The DAC-2 sounds very good in spite of the older digital technology.
The process of upgrading my original McCormack DAC-1 to an SMc Audio DAC-2 included installing a new/upgraded receiver but it still uses the same CS4328 DAC chip, which was rated as "good odnobitnik" by the reviewer in their 2012 DAC Chip List, while the AD1862 chip in my Mojo Audio DACs was rated "one of the best of the world’s Audio" and the PCM1794 in the Merason was rated "best of odnobitnik."
I think the designer has to get both the optimal performance from whatever DAC chip (or ladder) they use as well as nailing it with however they choose to implement the output.