You are spot on. However, almost all expensive DACs are rather pre-Amps with filters and DSPs. Specifically, RME ADI-2 has an EQ even.
For my CCA, I was able to reduce the noise floor by switching to a cleaner USB power supply from iFi, it was pretty significant, noticeable improvement.
I...
Hi!
My current setup:
Speakers: Rega RX5
TT: Rega RP3
Cart: Denon DL-110 MC
Amp: Rogue Sphinx V1 Hybrid Integrated (in-built phono)
Streamer: Chromecast Audio (CCA)
Listening Habit: 20% Vinyl 80% Streaming
I happen to be Electronics Engineer by trade but don't work on Audio much (sadly)...