Both could happen. The noise could impact how the DAC internals decode the data, and more likely the noise could be conducted through the DAC into your analog electronics. The latter is my biggest concern actually, since packet switched Ethernet alrady has robust error correction schemes built in.
A device with onboard storage and no active Ethernet or WiFi connection would eliminate these EMI concerns.
I'm sorry but I'm not buying the first one at all. Or if that's really a problem, whomever wrote the file standard and implemented the DAC needs to go back to school. They have error checking. There's also at least some amount of buffering going on between the DAC and whatever network interface is feeding it.
As for the latter, my dad used to design sonar systems for the US Navy. I'm pretty sure he'd say if that kind of noise is getting through the circuit like that, they need to go back to school for circuit design.
And of course, this can be tested. Just put the two devices right next to each other. If you can't hear the difference between a 12" ethernet cable and it going over much longer distances and maybe through a switch, it doesn't matter.
FWIW, my job involves replicating massive amounts (of data worldwide. I only ever saw bad bits get into a database and cause corruption once. It was due to a fiber switch in front of a SAN going bad (so as local as you can get).
But maybe all this is possible and my ears suck.
