I started using SPDIF converters about 14 years ago, first with optical cables, then with digital coax. Digital coax sounded significantly better than optical or USB straight in from the delta-sigma DACs I had at that time.
Six DACs later I'm still using either a SPDIF converter (main office system) or a DDC (side system/headphone only). Both send signal through quality digital coax or AES/EBU cables (I can't hear any difference between them). All my DACs for the past 6-8 years have been multibit (one) or NOS (5).
Out of all the DACs I've had here, just one sounded equally good via USB straight incompared to digital coax: the humble but pretty nice delta-sigma by Peachtree Audio, the DAC iTx. That's probably because they describe their USB implementation as galvanically isolated (something either SPDIF converters or DDCs do, as well).