It is simply that a switch installed in exactly the same position as you suggest an FMC should be installed has a similar effect due to the galvanic isolation inherent in the switch circuitry design.
All switches are not the same. An audiophile switch is simply a better (ie. lower noise) one of these, perhaps adding less of its own noise back into the mix, being better shielded than a regular switch. It's all about noise, some choose fiber and an FMC before the streamer, some choose a switch before the streamer. It's absolutely nothing to do with the data in either case, both work, and some work better than others.
Hope this helps.

