Depends on level of comparable components. If the level of analog tract of your system is relatively same level with components of digital tract, theoretically the analog will win cause signal path is shorter and less dependable on all bunch of decoding and filtering processes.
Analog vs. digital
I’ve found that on my system the digital side is more finely etched than the analog side. Both sound great in their own way, but records just don’t sound so finely defined.
What is your experience?