The value is in not needing to upscale and downscale again. Every change to the original audio has the potential to induce issues, so the why from my perspective is simple enough.
The change being introduced here is fixed. You cannot convert analogue to digital without a world of signal processing in the way. But that signal processing is very very good. We live in an age where resampling, sample rate conversion, delta sigma conversion, bitdepth conversion etc, etc, are so good that we can't even measure the resulting difference with some of the best gear we have, we instead have to model it in the purely digital domain. Then you get some algorithms which introduce harmonics at -160dB from the primary signal, and those harmonics are not only not audible, they are many orders of magnitude fainter than our best gear can reproduce.
Fun fact, ever sound you hear through a computer that isn't played using some hardware exclusive mode (e.g. WASAPI exclusive mode for Windows Core Audio) already goes through multiple cases of conversion. All volume controls in applications and in windows themselves convert bit depth before and after. Your source material is rarely the same sample rate as your audio path, resampling is also done everywhere.
But all this is even ignoring the true theoretical WTF moment. If audiophilia is about reproducing as accurately as possible what is produced by the studio, and the studio output is by its nature a creative process, who are you to argue they are doing it wrong?
Just a dork that has spent a lot of time in studios. Including his own.
The idea that tracked audio should need to jump through more digital conversion processes just hits me wrong, and always has. I've been doing the recording game for almost thirty years now, and been playing instruments for over forty. It's not like I'm some, "Oh, I used to use a tape recorded to pull songs off the radio" uninformed idiot when it comes to the subject.
In fact, despite your seeming expertise on everything, I'm willing to place a wager this is one field where I have slightly more experience than you do.