On which device is under consideration.
Devices like the RME ADI-2 DAC / ADI-2 Pro can bring various useful features beside just a transparent D/A conversion. It has been discussed here thoroughly.
The OP did ask what you can get from a $1k DAC (the question was a general one; they did not ask merely about analog performance), and the answer is a lot. Starting with unique DSP functions, hybrid volume control with four automatically switched analog reference levels, remote control, analyzer display, SOTA headphone amp, and concluding with long lifecycle and aftersales support. The Pro variant adds a top-notch ADC, a second identical headphone amplifier with a separate DAC and ability to use bridged ("balanced") mode, digital outputs, SRC, etc.
It's enough to look through the user manual to understand the huge value you get compared to any offering from Shenzhen or Guangdong.
I personally even don't use the DAC functionality most of the time (only when I use headphones I do), having my ADI-2 Pro connected digitally to my speakers. This is an endgame device. And over the course of my ownership (since 2021), it only got more appealing and feature-rich via several substantial firmware updates and the introduction of the remote control app.