I've begun to use the Adobe DNG Converter only recently, as a result of DCRAW not supporting properly uncompressed RAW files from my Sony A7 II. I can say it not only doesn't demosaice the original data, but it even doesn't modify the black offset nor scales to a more convenient bitscale. In other words, it stores exactly the same RAW numbers as in the source file.
Add to this that the lossless compressed resulting DNG is half the size of the original ARW uncompressed file, and processing an entire folder is an easy and quick task, and I couldn't be happier with the conversion.
I also have a feeling that the saturation points embedded as metadata in the output DNG file could be more accurate than those hard coded values from David Coffin, which occasionally are not 100% correct (a wrong saturation point will either clip valid highlights information, or in the worst case will produce a magenta cast over clipped highlights).
Regards