If your Apple TV has an optical output, yes, I’d think so. I’d think there were settings on the Apple TV to direct the appropriate output to the optical out. Unfortunately, neither of my Apple TV’s have optical, so I’m unable to check this.
I connect my video devices to my projector with a single HDMI (via a switch) and then use the optical audio out to the Playbar and it works fine.
I did look at the specs of your projector and did NOT see an optical out so do check that!
