If the incoming signal is digitized regardless, and the receiver's DSP can be fed directly via SPDIF, then that is how you will achieve the best signal fidelity.
In that case, any money spent on an external DAC, no matter how expensive or performant it may be, would be wasted.
Edit:
According to the User Manual, digitization can be bypassed:
View attachment 516219
Therefore:
| Source format: Digital | Source format: Analog |
| DSP desired | use direct digital input | turn on Process analog input.
Use analog input, or an external ADC (e.g. PocketADC) if you find the Anthem's internal ADC adds noise |
| DSP unwanted | use direct digital input, or an external DAC with 'Process: No' if you find that the internal DAC adds noise. | Use analog input with Process analog input turned off. |