Theoretically, there could be a difference. With digital volume controls, as you turn down the volume SNR typically drops 1:1 with it. Turn it down 30 dB and you also get 30 dB lower SNR. Analog volume controls can be worse than this, or better.
For example, if I read Amir's
Pre90 measurements correctly, it has an excellent SNR of 126 dB at 4 V output. But when you turn its volume down to 50 mV output, its SNR is 85 dB. In other words, reduce volume by 38 dB (4 V to 50 mV) and SNR drops 41 dB. Compared to other headphone amps and DACs, 85 dB at 50 mV is good but not great. The UDP-205 may be better or worse, which is to say, putting the Pre90 in between might make a difference, for better or for worse. However, in this case I doubt it would make a difference since the Pre90 happens to be close to 1:1 as you lower the volume.