1. Probably good enough for typical studio recording studios.
2. I've always known for years that professional recording equipment, even from top-notch recording studios, has much poorer SINAD/THD+N/Channel separation specs than consumer-grade DACs, such as the Topping, SMSLs, etc. Imagine a sound control rack with 48+ channels that performs analog gain + filtering for the microphones and instruments, suitable for the first stage ADCs, then performs some DSP involving gain/volume control, filtering, etc, aka 'sweetening the sound'.
By the time the final cut is made, the final noise/distortion levels of that musical track on the CD/DVDA/SACD will be dominated by microphone noise, the weakest link in the signal recording chain. Channel separation between 48+ recording channels is a joke! You get what you get as these consoles are not designed for ultrahigh fidelity. Cram in as many hw channels as one can afford and leave the rest to software and sell the album asap!!! Time is money is king in this business.
Professional studio mics have much inferior SINAD specs when compared to consumer-grade gear. Add that to inferior (compared to consumer-grade) gain/interface sections before their respective multichannel barely 16/18-bit accurate ADCs (though rated as 24-bits)... and we fret about a consumer dac with an 18-20-bit noise floor and -90dB channel separation spec (while professional studio consoles barely make 50 or 60dB multichannel separation!), and demand 21 bits or more noise floor in our DACs, yet these professional studio consoles hover around -80 to -90dB noise floor (at best for the fancy expensive ones)

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And yes, let's not forget that the professional monitors/speakers used by the recording engineer in their studios are on the cheesy side from a technical spec-wise point of view. They are designed to produce decent sound. Just go to Sweetwater.com (and others) and read the specs of their professional monitors, microphones, and multichannel consoles. So between the ok monitors, the engineer's ears, the noisier microphones, and the ok recording console ...all that determines what we listen to in our homes.
In summary, what we are truly listening to with our high-quality dacs is the noise and distortion performance of the entire recording chain, whose specs are inferior to the consumer-grade DAC you have in your setup. No need to worry or fret about our DACs having a SINAD of 'only' -100dB. No recording studio will ever pretend to have or exceed these specs with their setup.