For most people who only stream, nothing changes. Streaming services deliver their Atmos mixes over Dolby Digital Plus, which the Apple TV already handles.
The people who gain are collectors who keep disc copies on a home server and own a proper Atmos receiver. They now have two choices. The DIY build is free and open, but it takes developer tools and the sound passes through Apple’s lossy APAC format. Native Player is a download from the App Store, keeps the audio lossless, and costs money for the good parts.
The basic app is free, but TrueHD Atmos, DTS:X and Dolby Vision profile 7 titles play only as a preview until you buy Native Player Pro. It’s sold as a yearly subscription or a one-time purchase, both marked as early-adopter prices that end when Plex support arrives. Family Sharing works with it.
Buying the new Apple TV 4K won’t fix this by itself either. Apple announced the fourth-generation model on October 13, and it goes on sale November 13 with hardware AV1 decoding, but still no audio passthrough.