I didn’t say nothing as comparing DACs, they are transparent mostly.
Is about better implementation of gain stages: DAC, preamp, power amp. Read the article, also are laws of physics. Once you have a given three block system, you can choose which gain combination is optimal to reduce nonlinearities and have enough dynamic range.
Consider the following situation: you use the DAC-preamp bit perfect. In this case digital volume is set on 0 dBFS fixed, and you only can change volume on the preamp (we suppose the amp fixed and preamp has a volume knob). Then you’re sending the most information as possible to the speakers, but don’t have any headroom to EQ for example. Also harmonic distortion of the DAC is at the maximum values (probably is not audible). Preamp is at the minimum possible gain to the desired listening volume and SNR of this stage is higher whereas THD will be lower.
The combination of SINAD of DAC and preamp will be determined by a formula you can find on the article.
On the opposite side we can consider the other extreme: you use directly your DAC with maximum volume on the preamp, or if they are on same device as mines, you bypass the preamp analogue part and the 4 volt signal goes directly to the power amp.
Then the signal is super hot (depending on the sensitivity of the amp of course, but usually 4 Vrms are too much), and you reduce those 60 dBFS on the DAC. THD of the DAC became neglectable but you loose 6 bits of information to the speakers, SNR is quite high.
As this example, without expending any extra dollar, you will have your best setup somewhere in the middle: probably with digital volume at -20 to -30 dBFS and preamp at its 70%-90% volume.
And we leaved the third block away from that, happily on my Genelecs G Three I only can choose between 0 and -10 dB gain input…
If for you this doesn’t matter, I agree that random gains may work. But you can loose some minutes or hours reading the article, specially if you have that amount of free time