Connect Phono to Dialog

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Does it still retain the analog sound after the D/A?

IME yes.
Despite internet "knowledge" to the contrary my experience recording is that a good modern well engineered ADC/DAC (I use Metric Halo MIO-2 and LIO-8) are transparent, that is to say that the output is audibly identical to the input (at least it is with the LIO-8, there is a minute difference with the MIO-2).
Less expensive ADCs will not be completely transparent but pretty close.

All analogue recording methods I have used add some colouration, albeit euphonic, to the input.

The LP sound is the combination of limitations rather than strengths, in fact, but the shortcomings produce a nice sound which many of us like.

For those that don't know already these are the well known (for decades) limitations of LPs.
The bass must be mono otherwise high levels will cause a non-continuous groove.
The linear velocity varies from beginning to end of an LP so the high frequency distortion is considerably more at the end of the side than the beginning.
High frequencies can not be recorded at as high a level as lower frequencies due to cutter overload.

Playing back records has limitations too.
No stylus has the same profile as the cutter, so the playback can not be an accurate reproduction of that which was cut. Some stylus profiles get closer than others.
The best pickup cartridges have around 2% distortion, 6 to 8% is common.
Pivoted pickup arms only present the cartridge perpendicular to the groove at 2 locations over the disc, everywhere else it is at an angle, giving distortion.
There are all sorts of means by which sound comes back to the cartridge via mechanical or airborne means and is re-picked up adding a bit of extra reverb.
Crosstalk between channels is limited.

So record players are not actually all that high in fidelity to the original, but the shortcomings are pretty well all euphonic additions which are really enjoyable and a properly engineered ADC can reproduce them with minimal to zero colouration..