So what comes before the Red still has some effect. What
@Dandoudou 's and my setup have in common, is that we precede the Red in DDC mode with another streamer resp. stand alone player. So this may explain the difference in sound quality that we perceive.
Only in extreme situations.
The RED's USB input is not fully galvanically isolated like the Holo DACs for instance, but it still has extremely effective filtering.
Connecting it to my laptop or my desktop showed no change in performance at all. It was only when I literally maxed out the PC (running furmark and prime95 which are two of the most intense stress tests available for your CPU/GPU) that a small increase in noise getting through was observed.
But if you're running >1000W of compute tasks then you've got bigger problems than a 1-2mV increase in noise getting through and optimising for that degree of improvement when you've got fans running full blast next to you seems a little silly.
Supposing that jitter and electrical noise are the only parameters influencing the SQ (but are they?)
The only other factor for a digital connection would be data integrity, some DDCs or streamers may alter the audio data in some way. Be it compression, DSP of various types, some may need to perform resampling.
The RED however (and indeed the vast majority of DDCs) is bitperfect so that isn't a concern.
Besides that, yes, for a digital source device the only two other factors are how much noise it may be conducting to the connected DAC, and the timing accuracy of the clock signal it provides to the DAC.
There are many different types of distortion, alteration and ways in which analog devices can behave differently. But digital devices whilst it's definitely not as simple as 'bits are bits' as some say, there are also only a couple factors that can be of influence.
your hypothesis would probably mean that these for instance (supposing that two Reds are available) would sound the same:
(1) ethernet > Red as streamer > USB out > USB isolator > USB in > Red as DDC > AES > DAC
(2) ethernet > Red as streamer > AES > DAC
Or am I rambling?
Barring any unusual grounding issues that the first instance could potentially cause (though unlikely to be the case), yes.
You're using exactly the same clock source, and with the red being fed by USB in either case (the pi communicates to the RED's digital section via USB internally) you get absolutely identical performance.
Some DDCs will behave slightly differently if they have an asynchronous input (SPDIF input on a DI20HE or MScaler for instance) vs on the USB input. But that's not the case on the RED