I don't think any of that is necessary or beneficial.
The vast majority of audio that is in movies and TV shows is 48kHz. So you should be able to play the multichannel audio from nearly any video file without any sample rate conversion. I don't think you need any kind of external USB device.
You might make an argument about a 2 channel USB DAC providing different (and maybe better) sound quality than the DACs in your receiver, for 2 channel content (CD rips, etc), but that's a totally different point.
For Movies and TV, it should be just fine with HDMI.
NOTE: I have not tested this with an M1 based Mac.
Brian.