As
@jarnopp and
@JaZZ have said, you can't make that distinction since you cannot isolate the analog stage of the Hugo TT 2.
And if you want a DAC that sounds just like the Hugo TT 2 then you have to use the Hugo TT 2.
At which point your comparison is necessarily Hugo TT 2 vs. Hugo TT 2 -> Phonitor X.
That's not a configuration I would run, personally, despite owning both components. DAVE -> Phonitor X makes more sense ... where DAVE runs out of grunt well before Hugo TT 2 or the Phonitor X (which does have more drive capability than either with higher impedance cans - even if there aren't such cans that actually need that much power).
Put another way, unless I needed to use other sources as well, I wouldn't bother adding an external amplifier to a Hugo TT 2 to drive headphones unless it was for some tube flavor or I was running something like the Susvara or SR1a. I do have one output from my DAVE feeding the Phonitor X for the really hard to drive stuff, with the other output feeding my big tube amplifier. But the Hugo TT 2 I run in the office just drives headphones directly (with a Jotunheim R in place for the SR1a).