This would be interesting to know how the conversion happens from the analog feed to the digital section of the APM and how conversion happens and which bitrate are supported (I don't think it happens in the cable given how compact the lighning connector is I don't see a dac being in there but maybe I am wrong). Maybe there is a dev tool somewhere to check the raw data.
Most definitely the analog signal matters as gain changes mean it get louder with better dynamics. Also you can apply EQ in your DAP and it does affect the end result.
Most definitely one thing you overlook there is higher bitrate might be supported wired vs BT (given how Apple is behind in terms of BT codecs supporting hires and higher bitrates). Even if you don't enjoy the full bitrate it's probably a better signal than the BT signal. We don't know the supported bitrate by the H1 chip do we? I didn't find a teardown yet
https://fr.ifixit.com/Device/AirPods_Max