Something like that does sound ideal, yes!
I am very happy that we have streamers and stereo DACs with proper PEQ function.
Sadly surround sound has become even more of a headache over the years with the different codecs so once I have a place where 5.2/4 or more is needed I'll go down a rabbit hole again. Most music still seems to be mixed in stereo with all the up and downsides that come with that and it does not seem to be changing anytime soon so it would be for watching movies and playing videogames.
For now, I am using computers as my main entertainment systems and I still have passively cooled laptops laying around that are more then capable and will do what I need them to do while consuming less then 5W when I am not using the screen.
They are used for both audio and video, I even have a Blu-Ray/HD DVD dual layer burner in my old PC that is connected to my TV.
I also listen to MIDI at times that either go through a Roland or Yamaha VST.
As for audio processing, I use global PEQ and room EQ for my speakers.
For my headphones I use PEQ and crossfeed for stereo recordings.
For surround sound I downmix 7.1 to virtual surround over headphones, sometimes after up mixing 5.1 to 7.1, which works surprisingly well!
In the past I also used soundcards for things like active crossovers but this is no longer needed.
It's simply what I know and using the tools I already have laying around.