No. The Arc uses an ARC signal, which is only created by your TV’s electronics, and not the electronics in the receiver. 

There is a company that is starting production on a HDMI to eArc splitter that will help you do that:

https://www.hdfury.com/product/4k-arcana-18gbps/

I pre-ordered one myself. BTW, I’m in no way affiliated with that company.

Hi @REG0822, Thanks for reaching out and welcome to the community. I would agree with @Airgetlam on this concern. And thanks to @riesm We’ll have that checked for that HDMI to E- Arc splitter, you may share your thoughts on how it goes once you got the splitter.

Let us know how you get on with the advice above.

We're here to answer any further questions you have.

@Simon B 

Is the Sonos Arc the only Sonos product that decodes Dobly Atmos? 

On a slight tangent, does the new Sonos Amp decode Dobly Atmos?

No, the Sonos Amp will only decode Dolby Digital. The Arc is the only device that has the speakers available to use the ability to decode Amos.

The HDFury Arcana has enabled me to get Dolby Atmos sound while using my 2016 LG OLED, which is not capable of handling Atmos.  It does so by bypassing the TV audio and providing the Sonos Arc with a signal that looks like it has come from an HDMI-eARC port.

I stream the apps (Prime, Netflix in my case) through an Invidia Shield streamer, but I believe there are many Arc owners using Apple TV with the Arcana.