I can't answer this question in the general sense, but I can in the specific.
Anyone can make a bad preamp with a bad HT bypass. The question is, if your preamp is bad, why are you using it? If it's degrading the HT signal it's probably degrading everything else.
My experience with Parasound P7 and Luxman integrated is no, it's not the preamp that degrades HT sound so much as the quality of the HT signal to begin with. If your HT preamp sounds noticeably better, get another stereo preamp, it's in the way.