you can get high quality digital audio
"A lossless audio file format is the best format for sound quality. These include FLAC, WAV, or AIFF. These types of files are considered “hi-res” because they are better or equal to CD-quality"
Incorrect.
The best format for sound quality is 2" magnetic tape, spinning at 15 or 30 inches per second. I have friends who collect tape. It makes collecting audiophile records look like a poor man's hobby. These people have hundreds of thousands of dollars worth of 2nd and 3rd generation safety masters.
This is what audio engineers use to make CDs, SACDs and records. There really is no substitute. Musicians are returning to recording on tape -- and not digital tape. They can afford anything. But they use magnetic tape because it's superior.
Barring unlimited amounts of money, the "analog vs. digital" debate will rage on among audiophiles until quantum computers can create a sound file close to magnetic tape. In general, past a certain point, a hi-fi system will be biased to one or the other -- a digital signal processor that costs more than any new car? Yes, digital will sound lovely.
A turntable and cartridge that costs more than any new car? Yes, analog will sound lovely. (And it has MUCH higher frequency reproduction. Quadrophonic records rely on a 45kHz carrier signal. Digital konks out at 20kHz.)
I know audio engineers whose holy grail is a quadrophonic 8-track tape of The Dark Side of the Moon. These sell for thousands, when they turn up at all. There is also the Bob Ludwig mastered Led Zep II, which sells for hundreds and hundreds, even though not a single near mint copy is known. If found, one would very likely sell in the high five-figure range.