That should work.
A USB-C connector can provide different protocols and different cables, depending on the wiring behind the port, and the wiring in the cable. That can include USB 3 and USB 4 communications, and USB power delivery at various wattages, as well as Thunderbolt 3 and Thunderbolt 4.
Your Magic Trackpad is here using USB for its connection and for charging, not Thunderbolt. You could certainly use a USB-C Thunderbolt cable for that Magic Trackpad connection (as a Thunderbolt cable also passes USB), but there are less expensive cables available.
I don’t know what the DAC uses for its host connection; whether that uses Thunderbolt or USB. But you do have a port here that can support both. You will need the proper cable for that DAC. Check with the DAC vendor for cable details.