I was wondering (more so out of interest than disruption for my love for music), AirPlay surely uses some Apple codec for lossless. Apple ALAC. Hence I assume a conversion is occurring somewhere. So can’t be bitperfect right?
AirPlay 2 is transcoding everything with ALAC at 16 bit and 44.1 kHz. For your CD collection this process would be completely lossless and also for lossy compression like MP3 or AAC. For higher bitrates and frequencies it won’t but most people won’t be able to tell the difference.