Ah, you were talking noise level, while I was talking dynamic range. So you'd be getting 106.8 dB(A) then, which sounds realistic enough (Amir got similar figures for his 3rd gen 2i2 if memory serves). I am not quite sure why Focusrite couldn't get a bit closer to CS4272 limits (the thing is good for 110-111 dB(A))... I suspect either inadequate ultrasonic filtering (the DAC is a tough nut when it comes to out-of-band noise) or phase noise. The bunch of NJM8065 opamps they're using may not be the last word in voltage noise but neither are they so bad that I would expect them to be a limiting factor.
If the noise level is virtually constant regardless of gain setting, a good hard look at the volume and output stages may be warranted.
Of course, given my luck, it could be something else altogether (e.g. ground noise pollution).