I don’t think that’s true in general. As a sibling comments points out, this is not true for some DNGs - for example, the output of an iPhone is in DNG, but with many, many transforms already baked in. A DNG might even be debayered already.
I don’t know much about ARW, but I do know that they offer a lossy compressed format - so it’s not just straight off the sensor integer values in that case either.
At least it's only at ISO 80, where noise would be minimal anyway (: I rarely use noise reduction because I don't like the artificial cleanliness of the result.
GFX 100s II’s apply a transform to RAW data at iso 80, see: https://blog.kasson.com/gfx-100-ii/the-reason-for-the-gfz-10...
I don’t know much about ARW, but I do know that they offer a lossy compressed format - so it’s not just straight off the sensor integer values in that case either.