LOL, OMG NO. Please don't push this level of cable complexity into the domestic realm.
HDMI may not be perfect but for day to day home audio/video it functions at a very high level.
We've mainly gotten past most of the handshake issues experienced a few years back and life is very good in the home audio connection world.
I think the OP is spot on. Why? There aren't any high performing DACs, processors or interfaces that use HDMI. There are many instances of receivers and processors that sound and measure worse on HDMI than any other input. There are some that are similar, but they're simply not very good. I looked for the best ASR measurements where HDMI was the input, and this is what I found. Maybe I missed some - please let me know - but I did look hard.
There are some devices that have good measurements, but there's a "but".
The MiniDSP Flex scores 114dB SINAD, but that was with SPDIF input.
The NAD M33 scored 108dB, but that was on SPDIF.
The Marantz AV10 scored 107dB, but that was on toslink, and HMDI was worse.
Everything else is worse.
The performance highlighted in the dashboards are probably great achievements arising from an enormous amount of work, and you could take the opinion that they're good enough, but the fact is a cheap SMSL DAC or MOTU interface wipes the floor with them.
I'm not going to suggest WHY HDMI is a problem - maybe it's jitter, maybe it's digital video noise, maybe it's both - but the results speak for themselves: HDMI is clearly holding things back. So I've been trying to find how to get better multi-channel audio performance by avoiding HDMI.
With a PC, you can use AOIP, TB3 or USB, and connect to a wide range of interfaces, listed in the table in post #15. With a disc player, you can use the following: