Does this adapter support multi-channel digital audio out of a 2017 iMac18,3 to be plugged into a surround sound receiver for gaming and movies?

I have already purchased 2 third-party adapters for thunderbolt 3 (usb-c) to HDMI, they both send audio and video, but the audio is only stereo. Also when I open System Preferences > Sound > Output I don't see any items with type HDMI, I only see something with type DisplayPort. Do I really have to buy a $70 adapter from Apple to get surround sound?

USB-C Digital AV Multiport Adapter

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