I’m still playing with the Mac mini M1and Apple Music. The addition of hi-res support over HDMI is no small thing here as there is some fine print concerning ALAC on many receivers. If using NAS or a USB storage device with many receivers, ALAC support is limited to 24/96.
Some might use a USB to optical converter cable to connect a MAC to a receiver to work around the NAS and USB storage device limitations. But, many new receivers also now have coaxial and optical port limitations of 24/96.
If these limitations apply to a receiver, the update to HDMI for Mac is welcome. Otherwise, an external DAC would be needed and there’d be additional processing as the analog signal from the DAC is digitized for bass management and then back again in the receiver.