There’s an app for that.
The app can make your lower quality music sound pretty good once you have it properly configured. However, it wont help your lossless files. Even though the change in sound quality was minor, I could definitely tell the difference when BitPerfect was disabled. If I had used better audio equipment and was more experienced with the settings, I’m sure the sound difference would’ve been even greater with BitPerfect enabled.
$9.99 app that pretty much does what Audio Midi setup does, and will end up making your audio worse.