I find the second link affects the sound the most. When digital, the output sound from said source is typically neutral (from my testing). Now not all sources are neutral as some have processing that colors the sound. My finding with switching the DAC's is they alter the sound much more than the source. My PC uses the Audio-GD Digital Interface, a digital converter for USB audio, so the sound itself should be neutral. I have not experienced any converters that flavor the sound at all, from my experience with several converters.
A CD player's output should not be colored at all. The sound should just go from the transport mechanism to the output. The DAC now reclocks and converts the signal. Some DAC employ different chip sets which can in fact color the sound. Most sonic changes between DAC to DAC is from the internal layout of parts as well as the parts used. But there are too many variables to determine the sound. But you already know this.
I find the DAC to induce the most coloration to the audio rather than the source.










