There is a direct relationship between the sample rate (and bit depth) you send to your DAC (whether it be a dedicated outboard DAC, a part of your cd player or AVR, etc) and the quality of its playback. We upsample to give our DACs a break, to send them music that is most compatible with their clocks, filters, etc.
Most DACs upsample internally. And the often use $.50 parts to do it. When we upsample prior to the DAC we can, theoretically, lessen the load on the DAC and have it produce more accurate and musical playback. In my case, I have two main DACS, one for 2 channel (Holo May) and one for multichannel (exaSound s88), along with the dac(s) that are in the pre/pro, etc. When going direct to my Holo or exaSound I use a 3rd party upsampling engine called HQPlayer that allows me to choose sample rate, bit depth, filtering and noise shaping. For example, with my Holo May, it is measured as most linear at 20 bits, so I send it 20 bits (and the Holo has an NOS mode where it doesn't upsample internally). And through trial and error I have found the perfect mix of filter/noise shaper and sample rate (32fs or approx 1.4 Mhz for 44k-based material and 1.5Mhz for 48k based material). It's where the sweet spot is. And it has nothing to do with wasted ultrasonic noise, it has to do with using the gentlest and most linear filtering, dithering/noise shaping and bit depth that I can use. The results are breathtaking. Same logic is true for upmodulating DSD (to say, DSD256).
So, net/net, don't assume upsampling is a waste. Find your dac's sweetspot and send it the best combo you can. It might even be at a different clock frequency than your 96k/192k comparisons (48k clock might be worse than the 44k clock).