Hi @ledzep1
Thanks for your post! And, apologies for the delay.
I don’t have a PS5 (or an Arc Ultra, yet), so my knowledge of what settings are available to you are limited, but I did do a quick search and it seems Dolby Atmos should be an option for you. As far as I can ascertain, PS5 will output Atmos MAT, which will need eARC to work - if your TV has an eARC socket (it will if you see McLPCM reported in the app), Atmos should be a better option for you than McLPCM.
For anyone reading this who does not have eARC, I don’t think PS5 will output in Dolby Digital + (the only way to get Atmos through HDMI-ARC), so Dolby Digital is probably the best setting in this case.
I hope this helps.
"Common sense is the collection of prejudices acquired by age eighteen." - Albert Einstein