Yes, it is likely.
If you want to improve your musical experience it is challenging as to where to start. You have a Emotiva XMC-1 AV processor. Audio Video processors tend not function well as preamps. So, I would say the alternatives for largest improvements to the music part of the system would be adding a preamp. You also get the benefit of improving your analog end. Then upgrade the DAC, and then a better streamer would likely come next.
If I was doing it, I would start by getting a high quality preamp. This gets the active signal path out the AVP. But a better DAC would be pretty easy to argue as well.