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It runs off the 12v rail, everything on the motherboard does more or less, but your PSU noise isn't going to be the issue. The issue will be if the audio setup itself has proper filtering and isolation from all the various noise in the system. If you want good onboard audio, you need to look at buying a motherboard that does it well. Asus tends to on their higher end boards.
The trick to good audio isn't a magically clean power source, as noise in the power source of any kind is easy to have. It is having a setup that is designed such that any noise in there isn't an issue (as well as noise from other sources).
This raises an interesting question: has anyone publicly tested motherboard-audio PSRR?