Your missing the DAC compensation and limited to max 96/24

I also suspect that as well as limited to 96k output, you are not benefiting from timing based hints but that’s just my understanding, rightly or wrongly, of how MQA can increase timing accuracy without necessary increasing resolution.

Meridian owner since 1992
Prime & PSU, Focal Elear headphones, Roon (ROCK 8Gi5 NUC), Explorer 1 & 2, F80. 200/203, various Sonos (via Roon).