Technically spoke the answer should be no assuming both are implemented well. But are they?
Pragmatically spoken:
- not all DAC's support ASIO
- ASIO requires 2 parties, both the media player and the manufacturer of the DAC must implement it
properly- as mentioned before, some ASIO implementations do accept multiple audio streams hence do resample. Main reason to use WASAPI/Exclusive is playing all audio at its native sample rate.
Personally I prefer WASAPI/Exclusive as it is independent of the manufacturer of the DAC.
Please observe this is about external DAC's. Some onboard discrete soundcards (at least in the past) don't support WASAPI at all.
As usual it boils down to YMMV but I do think WASAPI is the less complex of the two. Hence I do prefer WASAPI.
DSD is a different beast. As it is a non-editable format you must avoid any DSP (Win Audio stack, Musicbee volume control, etc) to play it natively. This of course assumes your DAC accept DSD. Modern USB DAC's do as UAC2 allows for RAW beside PCM. So you not only need a "bit perfect" protocol (avoid the win mixer) but also avoid any DSP upstream (the media player).
IMHO DSD has no benefits compared with PCM. In fact I don't like its huge amount of quantization noise bombarding my tweeters.
https://www.thewelltemperedcomputer.com/KB/DSD.htmIf I get a DSD, I simply convert it to PCM to get rid of the noise.