Why would it, though? Think about that. Unless you've done a double blind comparison you are open to psychological effects. Do not underestimate psychological effects.It's hard to quantify but I know my Denafrips Pontus Ii sounds better than my Topping D90.
It has less high end brittleness and bite but has much better instrument separation, soundstage and vocal resolution. So is the more expensive Pontus better or nicer? So maybe those qualities are what a more expensive DAC starts to get you. I've had it about six months now and the Pontus Ii with FPGA upgrade is probably my endgame DAC. Certainly financially LoL. Im not spending Terminator money.
The step up from the Topping sounded much nicer both through my two channel system and headphone system.