To add my 2p. Another factor may also be MHR. Do we know if this is packet based rather than stream based? When I did a brief analysis of the MLP format, it was clear that buffering was built into the datastream and used in a very clever way - basically it allows a greater peak throughput by buffering during high transient data periods (causing large amounts of data) and allowing it to catch up during the less transient periods.

I know that MLP and MHR are quite different and that there (I guess) is no situation where the data throughput can exceed the physical link, but all this talk about MHR reducing jitter may be down to MHR being a packet based protocol and thus, when MHR is in operation, a different clocking mechanism is required to rebuild the data stream from the packet data. This is also like HDMI where audio data is packetised.

So, if MHR is being used, such as from processor to speaker, I can see another reason why there may be a difference in output.

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