It will damage or destroy both the PDv2 and the 9038S. You would need to make a custom cable which takes the ground from the USB cable and shares it with the two XLR ground pins.
Ok. I was worried about all these hence I should stick to 3.5mm unbalanced!
I overlooked the fact that the USB-C connection for the 9038S is female. Wouldn't it be better to be male like most of these type of dongle? I understand there may be some torque at that sort of connection unless it is designed like the Meizu Hifi Pro. I guess at minimum I'll need a male-to-male short USB-C cable with this.