@sns My streamer/server is an Aurender N100H, which offers only USB output, but it’s a much better USB output than the previous server I was using, a simple Intel NUC. I think it’s probably a very well implemented USB output port.
When I use S/PDIF, I’m plugging the USB cable into a Gustard U18 DDC, which has only USB as input. I’m sure that the quality of the Aurender also helps the U18 function better.
My Gustard R26 sounds better, as I said in my OP, through the U18 and SPDIF (coax) inputs. It sounds pretty lame through USB, even when it's the Aurender driving the USB. So I'm guessing it's a poor USB implementation in the R26.