I think you are a little out of touch. Optical is pretty much deprecated for surround sound because it cannot handle the codecs that are newer than Dolby digital and DTS. So if you want Dolby Digital + or Dolby TrueHD or DTS HD Master Audio or DTS HD HR or Dolby Atmos or DTS:X you need HDMI. Apple TV 4 has HDMI but they only advertise Dolby digital and Dolby digital + as supported codecs. Not even DTS. Most of the competing devices can play lossless surround audio. I have. 7.2.4 system in my theater room and I don't even dare bring the AppleTV there. I leave my AppleTV 4 in my family room which is a 5.1 setup and not as high end. We use it primarily for children's educational stuff streamed through plex. I gave up on iTunes because my wife had trouble with it every other day!
In my theater room I use a Sony x800 UHD player that can pretty much play any formats thrown at it including DSD, ALAC, DTS:X, Dolby Atmos, etc. it can play stuff directly connected through USB or through DLNA. It can play 4k bluray, regular blurays, DVD, cd, sacd, DVD-audio, etc. it even has two hdmi outputs for flexibility with receivers that don't support 4k pass through. All this for $250. I pair that with my Denon AVR X4300H and JBL Studio 5 speakers and I have a pretty good sound.