I have the advantage of having speakers that want 80-160 watts, so sending them 100 watts at full volume is only an issue for my ears and the neighbors.
But +1 for good point, no physical volume control to manually turn down before playing music.
This, as I understand it, is exactly what is happening. The volume control is relegated to the internals of the Chord Qutest, but can be told what volume from Roon, and from Roon on my phone.
Still leaves the question how correctly it is done inside the DAC, but I generally trust that 768khz is enough headroom and @robwatts did a good job on the implementation.