If your receiver doesn't support eARC, you are definitely not getting full resolution audio.
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I have an Intel IGP; Intel has supported this since the G45 (Core 2 Duo era), AMD added it in the HD 4800 era, and nVidia in the GeForce 8300 era. Support for this is over a decade old at this point.
The "stereo only uncompressed" is a S/PDIF legacy, and while HDMI does support S/PDIF, it was already "the bad old way" when Bluray players came out (though it took a few years for discrete GPU makers to catch up).