Being a dealer, we are fortunate to be able to test many servers, and DACs. It is a very good, basic question that always comes up with customers. The short answer is everything matters, but the DAC is more important to sound quality than the server/streamer. That being said, we have tested, for example, Aurender’s, Innuos’ and other music servers, and found that their least expensive model does not compare to their mid-level model.
However, what we have found is for the best sound quality available, you should eliminate the USB cable and it’s inherent problems by connecting ethernet directly to your DAC for streaming. Being a Bricasti dealer, we know that from their M3 up you can buy their network, player card, and connect your ethernet directly to the DAC. When comparing XYZ‘s $6.5k music server versus the Bricasti M1 Series II DAC with their network player card, the sound was pure with better detail, and resolution and better bass response, as well as a better soundstage.