Yes.
You may also want to look at the AppleTV 4K. It receives much positive comment on the forum. Note that due to Apple limitations, TrueHD audio is sent to the audio gear as multi-channel PCM. This is not an issue for straight up TrueHD audio, as PCM is also lossless. However, it means that Atmos information is lost, so no TrueHD + Atmos playback. EAC3 + Atmos is supported by Apple, as they use it for their streaming video service.
Regarding the Shield:
The Shield supports HDR10 video. It does not support Dolby Vision, HLG, or other HDR formats. Playing a DV, etc video will result in PMS transcoding the video.
The Shield will passthrough audio formats supported by the soundbar. Any unsupported audio format will be transcoded by PMS, or possibly decoded on the Shield, to a supported format.
There are certain unsupported audio formats that I’ve run across. This is not an official list, just things I’ve noticed: a) FLAC 96kbps/24bit plays as noise (48/16 is OK); b) dts-HRA audio (different from dts-HD) either plays as noise or is silent (I don’t remember which); c) AAC 7.1 plays correctly, but is identified as AAC 5.1 and the video breaks up when jumping forward/back (Plex bug, they’re working on it).
None of my movies/shows have those audio formats, so not a concern to me. However, it does affect some people.
My setup: Shield <–> Denon 4300 <–> LG B7 OLED
The Denon supports almost every audio format I’ve found on DVDs & Blu-rays. This includes AC3, EAC3, EAC3 + Atmos, TrueHD, TrueHD + Atmos, dts, dts-HD MA, dts:X, AAC, FLAC.
The Shield bitstreams (passthrough) all those formats to the Denon (FLAC is passed as PCM, since it cannot be bitstreamed over HDMI).
The Shield also direct plays PGS, VOBSUB, & SRT subtitles. The Plex SmartTV app (i.e. LG app), can only direct play SRT subtitles. Invoking PGS or VOBSUB subtitles forces a video transcode. I do not know how the AppleTV 4K handles subtitles.
Note: With the Shield, if audio is transcoding and you enable subtitles, video will also transcode. This happens with any Android TV client and is done to keep audio, video, & subtitles in sync.