While I understand that you don't want the phono stage to "clip" or "hang up on the rails" when a loud clip or pop is encountered how exactly does 34dB of headroom help "overall" as a 340 mV "pop" would generate over 18 volts at the phono stage output which would clip the pre-amp stage, and even if it didn't some how it would certainly clip the power-amp output. Maybe I am missing something but it seems like a well behaved phono stage would recover gracefully from a "pop" / clipping without sending crazy voltage down the chain to disrupt everything down stream? Thanks for explaining.
I have the same doubts.
34dB headroom doesn't make sense for me.
On top of what you list:
How would you perform a recording with keeping 34dB headroom ?
You want to keep a reasonable dynamic for music, which means a reasonable difference between the average 1kHz level and the peaks. For classical music, 13dB, 14dB, maybe 16dB... (AES recommends to keep 20dB headroom for studio recording. EBU says 18dB). But 34dB ?
The level would be way too low for a normal listening.
It seems the only justification here is about the crackles and statics. Not about music.
But, first, why should we care about them saturating ?
They are high frequencies already, so harmonics would most likely be inaudible.
And, second, how high in level are they anyway ?
Did anyone actually measure that ?
It seems RME did at least evaluate it, using their integrated high speed digital meter at 192kHz, and the level remains within the music dynamic range. So no need for such a waste of dynamic. (For recording or listening, this would be nothing else than a waste).
Here is an extract of RME manual about this
(I was confused at first by the last statement. But as the gain is applied digitally, after ADC, the headroom limitation is purely in the digital domain, indeed. On the analog side, the range is still up to +1dBu [or -2.5dBu for "gains" of +20dB or higher], with vanishing low distortion up to that level. Hard to match by any analog preamp.)
I don't have the final word about this, but this seems like a pragmatic, scientific, approach to me.
Hypothesis, measurement, conclusion.