Hifi system yes. Audiophile system no.
I think you can see the difference I am trying to make. With an audiophile system you are trying to achieve the absolutely best sound possible at every level of nuance and detail. All your components are likely to be “straight wire” designs… the ultimate in simplicity to minimize any conceivable effect on the sound. Running the sound through an extra box and attenuating the split signal is going to impact the sound. The better the equalizer the less the impact… but there will be one. Decades ago the impact was very large… it has gotten smaller.