DAC general question

You are correct. There is a lot more to a DAC than the chip. The design of the input circuit, the power supply & the analog stage have so much more to do with the sound of the final product. In fact, I would say the chip is not the most important part at all.

Watch this video, Paul does a better job of explaining what I am trying to say.
https://www.youtube.com/watch?v=McoA82-fi9s

As a side bar, you can purchase an inexpensive DAC that will "measure" extremely well on scientific equipment, but will not sound as nice as expected in a quality system.  This can cause a real reaction from the objective only crowd but it is true, thus the preference of many for the R2R Dacs. .00000000x distortion will not equate to a great sound depending on the rest of your components.  If it was only about a chip and measurements, we would all be buying the 800 dollar Chinese DACS that have a SINAD of 118+.   I agree with @mastering92