It's compatible, but you will only be able to use, at most, DD+ with Atmos, which is used by almost all streaming services/hardware except AppleTV.  eARC is needed for non-streaming sources  that use Dolby TrueHD or the AppleTV.

Note, some older TV's will not pass DD+ with Atmos, even though the have ARC support.

It will work, but because of the age of your TV, more than likely you will be limited to stereo audio from most sources and standard Dolby Digital audio from a few sources.

What audio would you like to get from the Arc or Beam? What will you be watching? What apps do you use? Are you using any external media devices?