I think you were using the 5.30 firmware because I see your photo has the green LED.
They have a newer 5.30C firmware which has a new filter & forced PCM oversampling and the LED is yellow no matter of your setting.
To recap:
5.20 - pre-MQA and supports spdif out
5.30 - 1st MQA firmware & removed spdif out support (think you are using this for the test)
5.30C - 2nd MQA firmware
- Adds Gibbs Transient Optimised Digital (GTO) Filter
(This replaces the Minimum Phase Filter.)
- The MQA Renderer on all iFi DAC’s except Pro performs unfolding to 8x rates. When using the MQA filter engine with our GTO filter coefficients, all PCM audio is oversampled to 8x Rate. Thus the sample rate indication is always for 8X, whatever the specific unit has for 8x. GTO overrides ALL PCM filters. At this point we feel that the GTO Filter is superior to all previous filter choices, including non-oversampling/Bit Perfect PCM.
However, firmware versions 5.30 and 5.2X remain available for those preferring the original behaviour and for future firmware releases we will retain the 5.X0 fork which keeps the original filters for the foreseeable future.