Sorry but I have to question and challenge what you said above in your post...as the old minimal shortest signal path and degradation chestnut makes me laugh ....As does the notion of listening to. The real thing.
As NO recording process, or system can ever accurately reproduce live or real music, as its compromised from the start by the processes that try to capture it!
So the real game of hifi is simply a personal adventure and quest to try and put together a system or systems that can play, handle and reproduce the music we like, in a way that is personably pleasing, realistic and meaningful to us and our (good or bad) hearing!
And as everything is coloured, degraded and compromised right from the recording process - from the venue's used , through to the mics, amps, FX chains, the mixers, and a whole host of electronics used (no short circuit chain there). which is then passed over to a good or questionable sound/mastering engineers... who then fiddle, diddle, tweak, colour and manipulate things further to suit their personal sonic preference and stop at a certain point and call it a wrap (to again sometimes be periodically remastered with another sound variation) . ...this "real" sound notion you have is a complete fallacy...as it's alway a none standardised approximation!