I suspect that it is the differences in mastering that are the most significant factor.
@newton_john One difference is that many LPs have less compression than the digital release. This is because there’s no expectation of the LP being played in a car, whereas there is with the digital release. This isn’t universal, but many producers will send an uncompressed tape or source file to the LP mastering operation on this account if they are quality conscious. When I was running my LP mastering operation we always would ask the producer if such was available.