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Why would fidelity be different? The bitstream will be decoded/unpacked into the same PCM in either place.
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In theory they should be bit-for-bit.
However, there are other issues that can affect the final sound of the d/a conversion such as jitter... and compressed bitstreams tend to be less affected by jitter than PCM (one reason why letting the receiver do the decoding might sound better to some listeners, as it apparently does to those who can listen both ways in their systems).