I think it matters whether the components are allowing the balanced signal all the way through the system. If so, then XLR will usually sound better. And XLR will provide higher SPL. For instance on my Denafrips Pontus 15th DAC, I note the following:
- XLR output: ~4.4 Vrms
- RCA output: ~2.2 Vrms
- That’s equates to a 6 dB difference

