Up to Dolby Digital, but not Atmos, yes.
Why do you want to run audio through the receiver? Is using it as an source switch the only reason?
Tivo Mini HDMI connection to Receiver
Apple TV 4k gen1 HDMI connection to Receiver
Receiver output HDMI to BenQ W1070
All these devices are currently setup in the ceiling next to the projector on a rack.
I'm thinking One cable run to the front of the room out of the receiver and into the Sonos arc or Play Bar.
All other solutions I am seeing use analog RCA inputs not a true digital signal which might be better for processing sound through the soundbar and 2 play’s
Just my thoughts I would be interested in other feedback if it makes more sense.