This is the way

You are right.

There seems to be more more to it than that. Dacs can have different implementations. For example, the same two dac chips can be set up to use different rolloffs, levels of the 2nd and 3rd harmonics, and dithering amounts, and some level of distortion can be allowed intentionally to further distinguish the sound. Some dacs give you access to these settings yourself.

The irony is that the sound of our empty wallets can only be heard through our lavish dacs/amps.