You’ve told Roon that your device can both Decode and Render MQA. You’d also told Roon it can do the first decode with the “Enabled Roon Core Deocder”. Understand that MQA decoding always results in a fake 96k bitrate, regardless of Roon or the endpoint doing the decoding.
Because you have applied PEQ, Roon is doing the decode, preserving the MQA control bits, applying the PEQ process, and then laying the MQA control bits back into the stream so the endpoint can render it.
If you don’t have anything that requires Roon to do the decoding (such as your PEQ DSP setting), when Decoder + Renderer is selected, Roon will pass the raw bitstream to the endpoint unchanged. This will be a 48k “transport”, that the endpoint then decodes into the fake 96k bitstream.
Thus, you get the best of both worlds. Let the endpoint do the decoding when you aren’t changing anything in Roon, or let Roon do the decoding and “preserve” the MQA control bits if you do.
But no matter what, MQA is a 48k input stream that gets decoded to a fake 96k stream (and then rendered to even faker higher-resolutions by the endpoint if the control bits say so).