Answering my own question:
I can confirm that to use this device tree file with a HiFiBerry DAC+ audio hat, you must modify the DAC+ board, or make an adapter for the 2x20 pin header, to re-route the I2S related pins to match what Raspberry Pi hats expect. The affected pins on the 2x20 pin header are 12, 35, 38 & 40.
This is because on the EVK's 2x20 pin expansion header, the pins from SAI5, even with the alternate GPIO pin mode settings specified in the .dts file, appear on different pins. The I2C pins work fine as-is.
Also note:
There is a regular and Pro version of the DAC+ board. The Pro version includes two oscillators. The original HiFiBerry DAC+ device driver for Raspberry Pi auto-detects whether you have a Pro or regular version of the DAC+ board, but the NXP driver imx-pcm512x.c does not, and assumes a Pro.
To use a regular DAC+ hat, you need to comment out the two lines in the .dts file selecting bitclock-master and frame-master to force slave mode, and also comment out the two lines defining the two non-existent external oscillators.