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For me personally, it's going to be the matrix mixer, PEQ, and crossover.

The signal path for me is Apple TV (Dolby Atmos on) -> LG GX (eARC output, PCM) -> Anthem MRX 540. I can see this is down mixed to stereo. I don't use native apps on the TV.

I was very interested in this device and looked into the usage. I have a LG tv, you can convert Bitstream input to PCM in the TV, although any dolby content would be limited to 2-channel. I also have an Apple TV 4K, if choose to turn off dolby atoms in the settings, the dolby content is decoded...