Any analog to digital conversion loses information. The quantization of the analog signal makes it unavoidable. The sampling rate itself is a form of compression — you trade off file size against audio quality. Once you are beyond the human hearing limitations, there is no point to faster sample rates.
Which is roughly 7K - 8K hz for the average person with average hearing loss... (Everyone suffers from SOME hearing loss) Compression is only a byproduct of the volume wars. Loudness is the problem. If I compress drum overheads I can make you hear a ride bell ping over a Dimebag solo. Conversly, if I put a bus compressor on a master track without sidechaining bass frequencies, you’ll never hear anything worth hearing.
The perceived quality boost from audiophile equipment is merely “in your eardrums(head)”... It also helps if the producers and engineers mixing and mastering the music know how to mix music.