@Davidv100 if your budget is more or less limited to May price point, you won’t find better DAC. But you have to keep it powered on for the best experience, that’s right.
If the price isn’t an issue, I’d suggest to try MolaMola Tambaqui. It’s small, power efficient, have all necessary connectivity and it is a better DAC to my ears. Well...maybe not completely "better". In a way I might still prefer May, but MolaMola’s sound has its upsides, like the depth of the stage and the wonderful tone of the treble. Tambaqui have something in common with Chord DAVE in sense of good soundstage and overall refinement, but have nicer tone and doesn’t sound as “clinical” as Chord. I sold my DAVE after listening to Holo May and while I haven’t yet decided if I want to switch from Holo to MolaMola I’d recommend Tambaqui over DAVE for sure.
As for HQ Player, it’s not as mandatory, as it might seem from forum posts. There is so much HQP discussion on the forum because most of the people here use computers as their main source, plus that software has a lot of settings that can be changed. I tried HQP and didn't like the effect at all. I listen to May in NOS mode without any additional processing, often it's just a CD out of a CD transport. Positive reviews of Holo May in Stereophile and Twittering Machines are also written about listening without external upsampling.