Have done quite a bit of experimentation with this as I use a custom-made HTPC for both HT use and music.
Short answer: You may notice a significant difference or you may notice nothing by switching. Get a couple of things that are easier to return and try it out. Keep the one that sounds best after a week or so of usage.
People focus too much on the DAC chip as far as computer audio is concerned - and on the metrics that probably don't make much of a difference and don't apply much in real use. The on-board audio has improved to the point that they are better than the boom-boxes of the past and have the potential to sound as good as any mass-market low-end stereo system. But only in theory...
You need to look at the audio system as a whole including the analog parts and the conditions under which they work. ALC892 on one motherboard may sound great and suck on another one. In general, taking digital out of the PC into an outboard DAC designed for some audiophile aspirations rather than gaming works better. DACs that just work with generic drivers are much more likely to work better than those that require special drivers or software installed on the PC to work (except ASIO driver installations which help).
Things that can affect the sound:
Ground loops : If it exists, this is the most audible part of the induced problems and often the easiest to take care of. Any kind of hiss, hum or any cyclical noises especially when affected by the use of the PC such as video processing, mouse movements, etc are all ground loop based and will be an issue only in fairly efficient speakers. How you fix it depends. It may even transfer over USB.
In some cases, the shield of the outputs is grounded to the chassis (most common with on-board audio). In some cases, the outputs are "lifted" (some sound cards). If you find these ground loop problems, then you would need to "lift" the ground for the PC and connect its chassis to the amp chassis that is grounded. In addition, you may need to ground the shield of the "lifted" analog outs.
In my case, I lifted the ground for the PC and connected the chassis ground of the PC to the Amp chassis and it it has removed all ground loop artifacts.
Noise/Distortion: These can be present because of poor shielding of the audio system or poor quality or wiring of the connectors (which are the cheapest you can find unless you get to the so-called audiophile cards) or because of the quality or level of voltage that can be put out by the PC audio (card or onboard). Most of these systems don't get a clean power supply in a PC environment and don't have explicit filters or conditioning circuitry for power and they get reflected in the output, especially if there are other things drawing power like a video card. But the audible effects of all of these are very subtle, complex and difficult to isolate to one cause. They are not as simple as looking at S/N or THD numbers (measured in ideal conditions). It will manifest in tonal balance (harshness in the highs, lack of bass/mid, listening fatigue, etc). Our ears also get used to the sound and so may find nothing wrong. But switch the audio system to another and it may sound "blacker" or may have less listening fatigue and then you cannot go back again. There is no way to predict this by looking at the S/N or THD specs for any of these things or assuming the relevant metrics are all above audible levels. PC audio is not even close to that ideal in practice. So, only solution is to try out a lot of different options and select one that works best in your system. Some of the internal systems can have poor IMD and non-linearities relative to volume levels and so can sound OK at low volumes or sparse music but sound awful or induce fatigue if you turn the volume up (or need to do it because of the sensitivity of the amp) or if you play busy music. All of these are issues that have been solved long time ago in most "hi-fi" audio gear but internal audio is not even close to having that level of care. They are more like the car audio systems working in hostile environments.
Some of the sound cards with audiophile aspirations try to remove these issues to various degrees (Asus cards with ground/power supply conditioning, EVGA or Sound Blaster cards with EMF shieldings and better components, layout, etc). Whether they work and improve things in your particular configuration is hard to predict. Most of them just slap on a DAC chip with a high spec that they can put on the spec sheet and call it an audiophile card.
Stage imaging: If you have an audio set up with great stage imaging potential (say some planar speakers set up correctly), you can often find significant differences between onboard audio vs sound cards vs outboard DACs. Getting analog out of on-board or sound cards via poor congested connectors can affect crosstalk and even channel balance which affects stage imaging. Most on-board systems and sound cards suffer from this and tend to compress the stage too much into the center (which cannot be fixed) or skewed to one side (which can be adjusted by channel balancing) or blurry staging (which cannot be fixed). No voodoo magic here, these systems don't have good and isolated signal paths between channels. This is where getting digital out into a good outboard DAC designed with sound quality/purity and channel separation (often taken for granted in audio equipment) in mind can help.
Tonal balance: Most computer audio is aimed at gaming or poor speaker systems. So they get intentionally tuned for anything but neutral sound even without using any of the optional processing. So too much of lows in proportion, overly bright which might be confused for clarity/detail, etc. The DAC chip itself is just an innocent bystander in this system.
The resulting quality is not necessarily related to cost or the quality of DAC chip used in any internal audio. Far too many variables.
A good Cmedia based sound card can sound better than onboard audio with a ESS chip and both may sound better than ALC whatever, not because ALC is bad but because the on-board design is bare minimum.
Bottom line: A good outboard DAC connected via optical (or USB if it is not suffering from ground loop issues) or even an average pre-amp/integrated amp with a run-of-the-mill DAC chip will remove all of the above factors that can potentially degrade the audio experience. It is far more difficult to predict whether they will be significant enough to make an audible difference. The more care you have chosen in selecting the rest of the audio system outside of the computer, more likely you will see improvements.