Another important factory is the player.
Hi fi record players even considering the same brad costs normally more than hi fi CD players, and to work at performance there's stylus maintenance, and arm and cartridge set up to make a good sound response.CD players are plug and play, don't require almost maintenance and the sound quality it's constant.
With the "Bitstream" or equivalent technology of the 1990 the problem with first generation DACs were solved, and to make a CD player sound bad required effort like using bad power supplies or omitting and using cheap components on the analog path.
unfortunately nowadays digital master are made to be played not on a hi-fi system, with adequate loudspeakers and amplification, but on the tiny speakers of smartphones, or with wireless earbuds and in a bit-compressed format. So the loudness war and weird equalization damages the listening experience on hi-fi gear.