A zero-order hold is just one possible way of turning a digital signal into an analog one which you can then measure with your oscilloscope. But the output of the zero-order hold is not the digital signal, because the digital signal is only defined at discrete sample points.
With sigma-delta modulation you can trade sample rate for bit depth and vice versa.
Also worth noting that an ideal D/A converter will give you the exact waveform back, but such a device does not exist (but you can get pretty close).
What this guy is showing is not a digital signal. It is an analog signal that has been generated from digital data. Not sure what the point of all of this was, but thanks, I needed a break from finding this bug I've been trying to squash.