Maybe, MMM but the fact that you can't download points to it sadly. There's no other way that I can look at it really. You'll never own it if it's iCloud only meaning it can be taken away. Yes, new laws definitely ned to come into place as it's stealing if you've bought something.
Still, it's very early days for Apple and 4K iTunes and ATV. With so many people and reviewers upset with no auto switching and SDR/HDR, it's very clear that Apple have a lot of work to do.
Interestingly, i'm wondering if we see Atmos added to ATV4 with the launch of the HomePod!
I really don't know if we'll ever see Auto switching though. HDR / SDR maybe not, just improvement in its implementation.
Maybe have a long term break from 4K iTunes and buy UHD Blu Ray. Here in Europe, that's not a contender as even on Amazon, there are only around 30 releases and none of those are my taste in film.
I really hope they get it sorted but I never truly believe that Home Cinema / AV types will ever be happy with streaming and iTunes. They are the physical media kind of people just like the HiFi buffs. iTunes really is multi media / convenience for people like me, iPhone & MacBook users with smaller occasional use TVs. That's how I see it anyway. And for me, mot of the time, it works OK. Although I did watch a DVD the other night and it was so beautifully smooth toking with no judder