I also use JRiver for my 5.1 stereo/surround sound in conjunction with an OCTO Dac 8 Pro. Drawbacks are I can only use streaming services like Netflix, Tidal, Amazon Prime video and only use HDR since my Mele Quieter 3 only renders that and not HDR+ or Dolby Vision. Sound is excellent. I run PEQ, Dirac DLBD and Baach for Windows (for 2 channel stereo). The streaming services also only do Dolby Digital + and no Dolby True HD or Dolby Atmos, but I really no longer wanted to curate a library of vinyl, cd's, DVDs and Blue Ray disks and have a ginormous power hogging AVR receiver so, for me, it's a very good compromise. There has been some progress in Atmos on the PC in that you can decode Atmos if it's Apple content on an Apple Mac, but that is obviously not nearly enough.
BTW, JRiver is not $700, but, depending on the flavor of the license, $60-70, and it does most anything the front end of a 7.1 Surround sound receiver can do, and quite a bit more. Anyone who wants to tackle the steep learning curve will find it a stone cold bargain.