It depends on the bandwidth of the Dolby Atmos stream of your file. If it's 768 kpbs - 1.5 Mbps, it probably can. This is the bitrate for Dolby Digital Plus encoded with Atmos information that's typical from video streaming app. If the bitrate starts at 6 Mbps, that's Dolby TrueHD encoded with Atmos from BDs and that needs eARC.

If you have an Atmos receiver and you really want this TV, get a 4K android box and connect it to the receiver. That way the Android box have a direct connection to the receiver.

Afaik, even Chromecast with Google TV has the same Atmos support as the TV..
It can do DD+ Atmos not TrueHD Atmos..

The bottleneck is still the TV. The Android box has to be connected directly to the Atmos receiver/soundbar first to decode TrueHD Atmos/DTS HDMA/X.

Android box/HTPC -> Atmos receiver <- ARC Dolby Digital Plus -> TV

It doesn't have to be Nvidia Shield but it is an easy and expensive solution. You can use is a second-hand PC with a HDMI (audio passthrough and video) output. Or you can buy a brand new Intel/Ryzen NUC. With these options, you run the standard Kodi and you can use the Netflix app for 4K content.

The cheapest lossless-capable box is the Odroid n2+ with CoreElec library installed with Kodi. Only use this to play the lossless movies from your NAS. Not Netflix certified.
This has been a deep-dive for me for what Android boxes can and cannot do. My brain is tired.

To know more, here's the thread on Kodi Forum on which 4K Android box to buy.

Latest firmware v645 has reduced lagging issue as I first bought this TV.

I am eagerly awaiting for Android TV 11 update in hope to much more improvement.

A quick question guys, looking for a 65inch Android TV around this price. Should I go for this TCL model or should I go for Sony KD65X80AJ or Sony KD65X8000h.

I am not a gamer, primarily usage is TV, Netflix, Astro Sport, YouTube etc.

Thus, it's more on the picture quality and refresh rate I guess.

Thanks