I'd like to add some notes about using the M as a source.
1) If you used the M at the max volume, you'd have no more problem than other source components. But I think it would be worth to try M's volume with your amp's volume at the max. I think M's internal volume is very good. (Maybe it's Sabre Dac's internal volume, than it is very well implemented. I heard that the volume has many tricky issues in getting a proper performance.) As I said in another post, in my experiences M's volume is better than HP100's volume that is the Alps blue velvet. But using M's volume, probably you'll have more difficulty in keeping the noise floor of the whole rig sufficiently low. Unconventional grounding might be required (as the case of mine).
2) USB DAC mode vs DAP mode. Usually this comparison won't be in the same condition. The USB DAC mode will work only with the power from the USB line, while the DAP mode works with the battery or an external power. I think it is necessary to infuse a good external power into the USB line to compare the USB DAC mode and the DAP mode properly. And such an external PSU is in its turn beneficial to the sound. With the same power, and if you set up your computer well, I believe the USB DAC mode is better, especially upsampled to the max freq. with softwares such as Audirvana. (BTW, the filter settings of Audirvana is also worth to look at).
3) As put in my sig, I'm using M as a pre/dac into a power amp driving speakers. In this setup, eliminating hum or buzz and getting the sufficiently low noise floor was more tricky than with the HP100 i.e. a headphone amp. In fact, right now the hum is eliminated only in the USB DAC mode, and I get hum yet in the DAP mode running the M with its battery. So I think in the USB mode the ground of the rig is different to one in the DAP mode. Maybe the internal ground of the computer helps (but I've cut all the ground of every device in the rig, except one connected to the M's analog output and shield of the Y cable and the ground of the USB connection is also broken), or maybe the internal ground of the M works differently in different modes. But with my experiences I believe it would be easier to achieve lower noise floor in the USB DAC mode (with a proper external PSU). But of course this issue will also depend on what amp you use.
I hope this helps some of you.