SACD path selection

Recently I had to replace a Sony STR DA3000ES AVR. I enjoyed this unit 20+ years.

For a test, I brought out my old Sony BDP-6700S and learned it could deliver a DSD signal via HDMI cable to the Marantz SR7015. A small DSD light illuminated on the display. 5.1 and stereo do work. This was just a test.

Normally I use a Denon DVD-3910 with six analog cables to the AVR and pure direct enable on both units. The Denon does not transmit SACD over HDMI without first processing the signal and seems stereo only. I am quite pleased with my perception of the resulting sound from the analog cable route.

Question: If I purchase a new modern quality disk player with SACD over HDMI, what will happen to the signal processing?

I think the Denon does the processing before delivery to the AVR. Would a new player not have or use any onboard processor and require the AVR to perform that function?

I guess what I'm wondering is:

What's better, the newer Marantz AVR for processing via HDMI plus a new modern player or the existing older Denon 3910 for processing via six analog cable?

Thank you, responses appreciated in advance.