I guess you could say the DAC combines elements of the cartridge (generator) and phono stage (processing and output stage). But yeah, like @edcyn said it may be a fun analogy for a minute, but not really worth further exploration.
I run analog only here, and everything matters. However I can express at least some surprise that the cartridge and even table (past a certain point - basic tables and cartridges will hold you way way back) don’t matter MORE than they do, in the face of the specific matching of cartridge to an arm, and also the proper matching of that to a top-class phono stage (and SUT where applicable). Then you have isolation considerations, which can either matter a whole lot or not that much depending on context.
When I’ve played with digital, I didn’t go very far, but I’ve been consistently surprised how much the transport seems to matter, even more than the DAC itself in some cases.