Google Chromecast with 3.5mm to Toslink

Just purchased a Cambridge CXA80, and would like to stream music directly to the CXA's DAC.  I have a Google Chromecast Audio, and an Audioquest 3.5mm to optical cable.  The files I'm streaming are all FLAC, ALAC, WAV, at 16/48 and 24/96.

My concern is does the 3.5mm side of the cable already decode the audio signal?  If it is, does it even matter since it's still being connected through the optical input of the CXA80?

I'm currently using my Apple TV (gen 2) to stream music with the CXA80 w/ a normal optical cable, but the Apple TV maxes out at 48khz, while the Google Chrome specs show 96 sample rate.
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