SPDIF and AES sources generate the audio clock, there is inherent jitter in conversion at the DAC, so any noise transmitted on any clocked source can impact that.
With USB sources the only practical problem is noise introduced on the connection leaking into other parts of the system. It’s why you see galvanic isolation on DAC’s. Galvanic isolation isn’t perfect.
Comparing USB to AES the biggest factor is probably where the clock is generated, I know for example the Chord DAC’s discard the external clock and regenerate it, so AES shouldn’t be inherently any better or worse, and most (though not all) DAC’s will attempt to clean the incoming clock on an AES source using a PLL, but cleaner input to a PLL means cleaner output.
I know Rob Watts recommends using TOSLink cables for his DAC’s which have perfect isolation from the source, but notoriously terrible jitter, but since the DAC is discarding the incoming clock it shouldn’t matter.
Where the rubber meets the road on this is does it matter, most of that is anecdotal, most people report hearing differences between AES and USB on some DAC’s at least.
My personal experience is good streamers so sound better, I thought the EMM Labs NS1 turned the Chord Dave into a MUCH better DAC, vs a Pi2AES.
I felt on my Lampizator DAC the difference between the Optical Rendu via USB and the NS1 via AES was marginal enough I still use the Rendu (despite is being much less than 1/3 of the price) because it lets me play the few high bitrate DSD files I have without downsampling.
Where I start to struggle with when things start to matter is the concept of the Server itself making a difference, or local file payback vs Network playback, or differing network protocols making a difference.
I get it with devices like the Pink Faun or Antipodes, where the server is the streamer.
But my server is electrically isolated from my Streamer.
I’ve compared Network vs local playback, with the same files, and not heard a big difference in my system, but people with the some streamers do report a difference, I don’t hear a big difference if any between RAAT and UPNP or LMS, but I know a number of people who report RAAT as sounding inferior. The only thing that could be really impacting anything with the protocols is how it impacts hardware usage (CPU/Ethernet) in the streamer, and hence the noise it’s generating. From network monitoring, most 44/16 content finishes streaming on my system when using UPNP/LMS in the first few seconds of the song, so after that the entire thing plays out of memory, this is not the case with RAAT, and that could explain it.
The right question for most people is do you care, I think getting off a PC as a source is a win, and while I did think stepping up to a quality streamer was worth it, my system is dramatically more expensive than most peoples, and the money I put in a streamer wouldn’t move the dial much put elsewhere.