"Thankfully there is a HPF effect, which AFAIK can be fully controlled as if it were a VCF."
-Yes
"My concern is now is not lack of HPF function but the sound quality of HPF effect, or any effect for that matter...
It is a digital effect, so unless im mistaken the analogue signal must pass through an ADC and DAC to add the effect, right?"
-Yes
"If so, does the analogue signal completely avoid any digital conversion when effects arent used?"
-Yes
When routed through the HPF 100% wet, set fully open with no resonance (ie "no effect"), there is a minute "sound degradation" from the pure analog signal, like a little compression/bit reduction. It's detectable if you really listen for it, but not too big a deal irl use, and since one wouldn't use the HPF in that fashion anyway, doesn't matter.