It’s PCM on the S/PDIF. 24-bit / 44.1kHz (and possibly 24/48 when the original source content is 48kHz, I haven’t checked).
There’s no way it could be anything but PCM for stereo music.
Yes you will be fine here… see this link about Pulse Code Modulation. It is the standard form of digital audio in compact discs and other digital audio applications. The Port works fine with my TV Receiver outputting a PCM stereo audio signal.
I can also confirm the Port will output its audio to both the digital Coax and analog RCA ports at the same time.