In my opinion, the main reason for the expense of these pieces of test equipment is to produce a useful measurement, the residual distortion and noise of the complete system must be at least an order of magnitude, or better, in specification, than any potential device under test. At least in theory, these days, 24-bit digital devices can reach very low noise and distortion residuals, but in practice, achieving those levels requires some very sophisticated analog circuit design. There are a couple of audio test units that are based on USB interfaces optimized for testing purposes, like the Quantasylum QA400 for around $200.00. But these are not an order of magnitude better than the best analog audio gear out there. If you want to check power output of amps at a certain distortion, then this kind of interface might work.
I am not familiar with interfacing with Arduino and others. I'm sure other folks will chime in on this subject.