Dolby’s modern codecs are much more advanced than conveyed by simply dividing the bitrate by channel count (768kbps/11 channels ≈ 128kbps stereo).
Most of the channels have little activity, and EAC-3 is smart enough to allocate its finite bitrate where it matters most. EAC-3 is a contemporary of AAC and other second generation codecs anyway, much improved from basic AC-3 and MP3 (first generation codecs).
Yes lossless is still great when available, but it is a misnomer to assume EAC-3 works like each channel has a fixed bandwidth allocation. That would suck. I’ve been able to pass compressed audio tests before, but never for moderate bitrate EAC-3, it’s pretty good.