When Toslink first started, most of the transmitters and receivers were only rated up to 24/96 so it couldn't handle 24/192 material reliably.
Coax should be able to handle 24/192 more easily. But you'd really want a proper 75ohm coaxial cable. Many RCA cables are only 50 ohms.
One thing I did notice using a BlueSound Node was that it was very clunky with varying bitrates. It would cause issues with slight pops or dropouts between songs if the sample rate changed.
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