I'll agree with all of the posts asserting the impact and providing great detail on the measurable impact. I'll also offer up a short subjective story....
When I first got into vinyl a couple of years back, I added a turntable (VPI Traveler), cartridge (Hanna SL MC), and phono preamp (Parks Puffin) with a coax digital out into my DAC/Pre-amp (Topping D90). I immediately noticed an auditable low level hum while switched to the digital phono input. My first attempt at fixing the issue was playing with the phono grounding setup which produced no improvements. My second set of tests involved switching out cables and making sure that I had clear routing between my cable and power supplies, Again, little to no impact. Finally, (by accident while playing with the cable placement), I noticed that when I physically lifted the Puffin off of the Topping D90 (in my original setup, the Puffin sat on top of the D90) the hum completely disappeared. Turns out, all I had to do was move the Puffin 12" away from the DAC and the hum disappeared into a silent background. I haven't looked back since.