As always it depends on how good the DAC is. I have done this comparison and my SACD/DVD-A player (Esoteric DV-50) smokes my external DAC (Micromega MyDAC), but the MyDAC is still an amazing value considering it's price.I just cant see myself spending $1000 or more on an SACD player when I can download a 192/24 album to my computer for $25 and run it optical out to my external DAC.
Keep in mind the DV-50 is ancient in digital terms but still sounds fantastic to me.
Compare the top DAC's to the top players and it's probably a flip of a coin. My current reference is the Esoteric K-01x. It's just jaw drop-ingly good. If you have a high end audio store near you, grab a few discs and play. Disc spinners aren't obsolete yet and I honestly prefer them over streaming.