For clarity’s sake, this new support for Dolby Vision allows for all DV profiles to be accessed and used in playback. However, Dolby Vision P7 will be converted down to HDR10, losing any DV specific data and enhancement layers.
As I understand it, tvOS limitations prevent any app on the platform from handling a variety of Dolby Vision cases, including Dolby Vision P7 with MEL or FEL (enhancement layers). Similarly, Atmos with lossless TrueHD is impossible due to tvOS limitations.
Right now, if you want full support for everything under the sun, tvOS ain’t gonna cut it. You have very few options, and the ones you do have are nowhere near as usable as Channels, which is a lovely app.
I wish Apple would allow the Apple TV to be the premier home theater box, but they insist on selling a limited product at a premium price. I spend my casual viewing time in Channels and Plex on Apple TV. But if I want to get the best picture and sound from my BluRay remuxes, I use a bizarro box from Ugoos running CoreELEC. Not for the faint of heart!