I have many SACDs, DVDs, CDs, digital files from 16/44.1 through 24/384 and DSD64 through DSD256, and based on my own experience, it is the quality of the recording that determines the overall sound quality. So I have CDs that sound better than SACD or DSD256, but the odds seem to favor SACDs and 24/192, DSD128 or higher res files in terms of the quality of the recording/mastering.
You can down covert a dsd256 file to say 16/44.1 or even MP3 256, if the recording is too notch, it could still sound better than some SACDs or DSD256 files that are of subpar recording quality. As always ymmv..