Audio Testing
The ASRock Z690 Phantom Gaming-ITX/TB4 looks to have a separated audio section with traces to isolate it from electrical noise created by nearby components. Without X-rays, it is hard to know for certain for this particular motherboard. Without isolation of the audio components, unintentional electrical noise can be introduced into the audio line, creating unwanted hissing and static sounds.
The board uses a Realtek ALC1220 Codec, which was the "best" previously available from Realtek. It has since been replaced by the ALC4080 Codec and is found on a number of motherboards since 2020. The standard 20 kHz test benchmark was performed using RightMark and gives mediocre results. I've had better reports from the basic ALC897 Codec. This is a prime example of how audio component layout and implementation can dictate the quality of sound. As seen in the RMAA results below, it isn't only about the Codec used.
RightMark Audio Analyzer