Is bit-perfect playback worth not being able to to EQ your headphones?
No. Bit perfect is most of the time not understood.
People think it the holy grail but it isn't.
Bit perfect won't increase sound quality. No surprise as when you send a source unaltered to a DAC, quality wont improve, it remains the same!.
What you want is best possible sound quality.
This can be obtained by using EQ. When done right you improve sound quality and you are by design as bit imperfect as hell.
The correct use of bit perfect is to avoid the operating system to meddle with the sound.
Like any other OS, Win has a mixer so al audio streams are converted to float, mixed (even if only 1 steam is running), dithered and converted back to integer.
If you still have a 16 bit DAC (or are as silly to choose 16 bit in the audio panel), bit 16 is dithered. This is audible.
However as most DAC's are 24 or 32, dithering bit 24 (at -144 dBFS) is way below the noise floor of your playback chain. So max out the bit depth in the win audio panel and you are fine.
If Win resamples and it does for any audio stream having a sample rate different from what is set in the win audio panel and the signal is very close to 0 dBFS, you get distortion because the Win Limiter kicks in. The solution is very simple, use the pre-amp of Equalizer APO and lower the signal with 4 dB and the limiter will never kick in.
Observe when mixing or lowering the volume using the pre-amp, you are not bit perfect but you won't hear any degradetion.
Technically best imho is using WASAPI/Exclusive. You bypasses the Win audio completely. However, you must be able to apply the desired EQ in the application and you msut do so for each app using WASAPI/Exclusive. You do get automatic sample rate switching.
However, using WASAPI/Shared allows you to use Equalizer APO. You have the comfort of having only 1 place to apply the EQ.
The long of it can be found here:
https://www.thewelltemperedcomputer.com/SW/Windows/SRC.htm
The very long:
https://www.audiosciencereview.com/...nding-the-windows-audio-quality-debate.19438/