Not quite,
. Turning the problem into a discussion of period, rather than frequency, the jitter of 50Hz in the 11 MHz clock corresponds to a variation of period of the clock pulses of 0.4 psecs. Assuming a completely random distribution of jitter, and assuming absolutely no other factors are involved, the 256 cycles will average out to give a variation of the order of 0.4 psecs of the data clocking pulse, in a 44.1kHz audio stream. Real world CD players "boast" of 200 psecs of effective jitter, so our 0.4 psecs is miles good enough.