So I flashed the
FiiO KA11 firmware to the JM20 Max and it's a definitive upgrade for my use cases. Thank you
@jkim for the risk-taking and all the feedback!
Added features:
-
FiiO driver support for Windows: ASIO, Native DSD256, a setting to switch the fade-in "effect" off in the driver control panel,
- ability to switch between 5 PCM-filters* in
FiiO Control app for Android, including NOS.
Old inherited bugs (might be limited to my jm20 max only):
- occasionally there is no sound on 1st connection, requires re-plugging the cable,
- DSD256 remains glitchy on Android (
Neutron player), DSD128 is fine,
- with Windows native UAC2.0 drivers there are regular dropouts in DSD mode when playing DSD64 / DSD128 using WASAPI exclusive DoP
(with FiiO ASIO drivers everything is playing fine).
Limitations:
- FiiO Control app cannot store or read any settings from JM20 Max's hardware, including PCM-filter setting*.
(be warned, I did not try switching to UAC 1.0, and do not know the effect of switching. it could potentially break the device or simply have no effect.)
- Windows volume control has no effect in some cases when FiiO driver is used.
(in such case the volume can be changed from the driver's control panel.)
*PCM-filter switching does actually work but only if used on an Android device and only while jm20 max is connected to it. Once unplugged the setting is lost and the default "Min Phase Fast Roll-Off" filter will be used on the next connection to any device.
Here's how I use it:
- connect JM20 Max
- open Neutron app and allow it to access FiiO KA11
(the new name of JM20 Max)
- start the playback
(not a must at his point, just a logical step) 
- open FiiO Control app and allow the access as well
- change the filter settings
(by default the NOS filter will be shown, simply ignore that, since the app cannot read the setting from the JM20 hardware and uses NOS as default value, while the actual setting on the device is still Min Phase Fast Roll-Off. Just tap on any filter and it will work as intended.)
+1
JM20 Max is a great device for the price, but I will go with FiiO KA11 or its successor next time because of the aforementioned features and arguably better durability.