I believe all streaming services including Netflix involve compressed audio. It’s my understanding that the full advantage of EARC cannot be obtained via streaming.
As others have said, I use optical out from my Sony oled to my Benchmark DAC1 for my 2 channel bedroom/tv system and am amazed by the sound.
BTW, Netflix allows you to change the sound from 5.1 to 2 channel so the digital output from the Sony tv is not doing the 2 channel downmix and the sound is indeed improved.