Like you, I assumed that the DAC, not the transport, did the "heavy lifting." That is until I improved my transport with the addition of a reclocker, which lowered the jitter. The improvements were far from subtle. They included: greater perceived resolution, less high frequency shrillness, and better image focus.
My conclusion: The transport is very important. Is it more important than the DAC? I don't know. It probably depends on which DAC and which transport.
My conclusion: The transport is very important. Is it more important than the DAC? I don't know. It probably depends on which DAC and which transport.