I’m putting this in DACs because I don’t care at all about the headphone output. This would would be exclusively for use with my studio monitors (balanced output) and subwoofer (single ended).
I guess the question is if the Modius is a better DAC than the Jotunheim’s Multibit module and if the Midgard is a better preamp.
If they are about equivalent, I would probably opt for the single box solution.