The generator is actually the weak point, +4dBu 1kHz is showing about -104dB THD+N and yea I think it just does the ADC thing, but it is also a faction of the cost of a fully tricked out APx552.
It needs to go off to Prism for cal and a tune up.
I mainly wanted the multi tone IMD stuff, usually more important then THD once you get to this sort of level.
I do wonder if the smart way to do a modern THD set is not to use a two channel DAC as the generator and sum one of the channels into the signal returned by the DUT, then the software can adjust that side of the generator to null the fundamental by some sort of LMS loop.
Some of the modern AKM parts spec that you can build 23 ENOB DACs and other such wonders, but we all know how tricky that sort of thing can be in reality.