If your receiver processes all signals digitally, the answer is probably no. I bought a $2000 Rotel 985 about one year ago and it processes all inputs (except the 5.1) digitally as 48/24. For example, the signal from my turntable gets processed digitally as 48/24. It does this to operate bass management, balance, input volume levels, etc. I use the 5.1 input for my SACD player, but I lose bass management and other things (can't use the sub, DPL, balance). I can use the volume control.
If your receiver keeps the signal in analog (except when using DD or DTS), then it's likely processing near full resolution.
If your receiver keeps the signal in analog (except when using DD or DTS), then it's likely processing near full resolution.