I have read with interest all the responses here. It is quite informative.
Some people have opinions cast in stone, while others have used their many years of experience to state their opinions.
What works for one, may not work for others, and everyone's system and musical likes are different.
I know people that swear the CDs were better than vinyl. But when we looked at their systems, the CD player was way better than then analog system or the other way around for people that swore that vinyl was better than CDs.
Same is true for streaming. much depends on what equipment and streaming service and internet provider (bandwidth) you are using.
For example. in my system I have Audio Research DAC 9, Aurender music server/ripper/streamer, Triangle Art Maestro turntable and Zeus Cartridge setup into an Audio Research REF2SE phono stage. I also use an excellent Pioneer Elite BDP-09 unit as a CD transport. This all goes into my Audio Research REF 6 pre-amp and Audio Research REF 250 amps. It's taken decades of upgrading and building my own equipment for me to get "there" with regards to music sound quality.
Let me tell you that I've ripped all my CDs into the Aurender unit, listened to the ripped CD playback, then listened to the same CD streamed via the Aurender. via Qobuz They both sound wonderful, however, the CD playback via my CD transport sounds slightly better than the streamed version. Again, they both sound wonderful. one is slightly better. Then, when I listen to the vinyl album playback and compare that with the CD transport and also the streaming digital playback. The vinyl wins out every time.
It is funny when friends come by and listen. We do this comparison and their jaws drop when the here the music via either process. But, when I play the album, well, lets just say they really love it. Now I've spent years getting my analog and digital playback systems to the "there" place for me, so I am very happy with them all. Enough so that I can sit for hours and listen to either with a glass of wine , good book and a huge smile.
So, I'm not against either. But, my point (despite) my rambling, is that it may be totally system dependent with a touch of appreciation of music intermixed.
A good friend of my has an all Mark Levinson (excellent) system, with Martin Logan speakers. He was using the Amazon music streaming service and enjoyed it. Then, he bought a modest ($1200) Cambridge streamer and also signed up for Qobuz. He listened to the Amazon service into the Cambridge and then the Qobuz into the Cambridge unit. night and day difference. He said that Qobuz absolutely was heads better than the Amazon service.
So, into the same system, the quality of the streaming service does indeed matter.
Also, if your digital system including DAC isn't quite at the level you need it to be, then yes, you will hear a degradation is sound quality.