In my experience the most important factor is the recording/master quality. All those different format above CD resolution, and the newer gadget such as MQA are there to take advantage of how people can hear things because they expect to and want to, given a reason, such as the claimed theoretical advantage of MQA etc. You can play a simple CD quality digital file in any formats, if the source recording quality is good, it will sound better than one that is in the highest possible resolution such as 32/384, or DSD 512. In fact even MP3 320 can sound really good if the file is down sampled/converted, as long as the recording/mastering quality is good. Just try it and you will agree.
Chasing formats, like chasing electronics, can only get you so far, because it is not that hard to get pass the point of diminishing return.