So the lowest bits still generate some signal but not much linearity is left.
JCally JM20 seems to actually truncate to 24 bits because starting from -138.46 dBFS there is no more output.
I had one more point to investigate, which changes conclusions a bit, but I forgot. The thing is that when you simply
truncate (instead of round) a small signal, it doesn't become 0, but rather a square switching between 0 and -1. Take for example -139 dBFS:
Code:
-139 dBFS, peak ±242: 0x000000f2 - 0xffffff0e
When you truncate this to 24-bits you get:
All positive values become 0 and all negative values become -1 (in int24 range).
Here is the input signal from earlier:
And manually truncated to 24-bits:
And the recorded signals from earlier:
So looks like only FiiO K3 maybe has some kind of processing of the lowest bits and Adi-2 and Tanchjim Space seem to truncate.
JCallys on the other hand don't truncate but have some detection mechanism and simply ignore too small signals.
And none of it audible unless you want to kill your speakers and shred your eardrums when the real music starts playing.
Yes, it is "perceptually lossless" (as certain codec boasted in the past

)