DSP's still do manipulation of waves way more accurately( when trying to replicate an analogy system) then CPU's ( FMA has actually helped CPU's a lot here) but i can still get closer sounds out of my DSP's (line 6 POD and Axe FX).
DSPs often have an accumulator twice the width of word size, ie a 48 bit accumulator for 24 bit samples. However a modern CPU will destroy any DSP running everything in DP floating point, faster *and* with more precision.
The reason your audio sounds better on your dedicated hardware is because the analogue part is much better.
most high end Networking gear is all FPGA's. They used to be custom now all the heavy lifting on the high end platforms is FGPA based.
There are still high performance markets where FPGA's are what the designers are choosing
As Aaron says, low volume, and programmed for a specific task.
Cheers