For most of us, “yes” - start with the DAC, which I think will create the largest difference (and thus closest to impact of changing a cartridge). But think about the DAC/streamer as an integrated chain - I wouldn’t let the quality of one lag too far behind the other (in the same way it wouldn’t make sense to put a $2,000 cartridge on a $200 table)
Based on very sophisticated engineering and psycho-acoustic analysis (a “guess”), for me, I’d probably go 4:1 on dac vs. streamer on a first try (I think ratio smaller on cartridge/table). DAC is the piece really chewing up the bits. Accumulate more money, and try a better streamer. (n.b., the lower the budget, the closer the dac and streamer will get in price, in any event)
I just went from a six year-old Meridian Explorer2 to a Benchmark DAC3 HGC, and it was a fun “wow” moment. Better in every way - put a smile on my face. So for me, a recent big leap in DACs made me very happy
Let us know what you decide to do!
Have a great day