It is supposed to. That does not mean the DAC in questions does not apply that setting to all digital inputs. I only mention that as a possibility.
I am far from knowledgeable on this issue and I am sure I will be corrected if I am off base, but I would say that is not entirely accurate. My understanding is that DPLL adjusts the accuracy/precision of the clock in the DAC, which then can have impact on jitter. On one end of the scale it is more precise, but you can risk issues from mismatch with the clock on the input, and get more drop outs. On the other end the clock is less precise, but can handle mismatches better and help with drop outs. Which is why the suggestion that if you experience drop outs you should move in that direction. The "drop out" issue is the one that comes up in searches for DPLL most commonly, not jitter.
I assume that more precise clock settings on the DAC run the risk of more jitter, since clock mismatch is a main source of that. There are other sources though.
As for your subjective experience, I did play with DPLL settings a bit, using spdif. Literally I said, "What is DPLL? Let me see what it does if I change it!" Default was in the middle. As I moved towards more accurate clock settings, I found issues with the high frequencies. Moving it to the less accurate side, I heard issues with the bass. Those issues? Sounded like mild distortion. I had no drop outs at any setting. The difference was clear at max-middle-min settings, but one click made very little difference, and maybe I was not hearing as much as I thought. But 3-4 clicks, obvious. So I put it back to default and never thought about it again.
That was my subjective experience, for what it is worth. Which really isn't much, other than to say I have heard differences from different DPLL settings.
If you like what you hear, that's really what matters. But if you want to say what you hear is from jitter, then measurements are the way to nail that down.