In class D amplifier "Voltage" is converted to "Duty Cycle", both analog - meaning there is no discrete steps (unlimited resolution). Duty cycle is back-converted to (amplified) voltage by filtering. Streaming and CDs both have limited resolution (16 bit in CDs).
What happens when your PWM’s oscillator signal frequency is not high enough? Who determines what frequency is "enough"? The resolution is not infinite unless the frequency is infinite (impossible). This is at least vaguely analogous to the sampling rate in digital quantization. Then you have the output filtering to smooth out artifacts from a finite frequency oscillator, and this is analogous to that phase of DA conversion.