The Roon screen shot includes a Delta-Sigma Modulator reference, which would indicate that the conversion is not direct DSD to DSD, but rather goes through the modulator. That is not the same as going to standard PCM, but it is an intermediate state that is not pure DSD.
Likewise, HQPlayer uses a high sample rate, multi-bit delta-sigma modulator internally. My guess is that is uses it for DSD to DSD conversions also.
If either of these players were doing direct DSD to DSD conversion without a delta-sigma modulator, I would expect them to advertise it. I have not seen either one claim they do the conversion directly, but will gladly be corrected if they do the conversion without a delta-sigma intermediary. That intermediary step is, however, better than going to standard 24 bit PCM at some lower sample rate.
