Well chosen components improve sound quality with cost. There is virtually no limit… think $50K per component or more. Ideally you get the best possible source: streamer (or old school transport) - DAC, preamp, amp, speakers. This gives you the best possible sound. I started out at ~ $ 500 / component… I am now at $20K / component… each upgrade has been phenomenal and brought great joy to my life.
So, yes, can you benefit from a better DAC, absolutely. A great streamer will give you as good of sound as your transport… and infinite access to music, better preamp and amp will improve all.