I was talking about cases like you described with your Bluetooth headphones. It's the DAC in your headphones you listen to. If you like it you are lucky.May I ask what direct experience with Bluetooth you have? I am talking about the ability to transmit Bluetooth to a DAC to handle the processing there, or yes, absolutely no problem with a well done Bluetooth decoding and conversion scenario. When my phone streams to my Bluetooth headphones the sound quality is top-notch, absolutely sounds fabulous, and I listen to very well mastered material with mountains of detail, timbre and nuance. I think that you can safely assume that nobody thinks that Bluetooth transmits analogue signals. Never in my life met somebody who thought that about Bluetooth.
But why would you want to send data stream to your DAC via Bluetooth when it can be done via WiFi or better wired? Bluetooth was designed for convenience and short range.