Yes! I also have the new AppleTV 4k (released May, 2021) and a Denon AVR8500HA that I purchased last summer (August, 2021). The AppleTV 4k is connected directly to the Denon's "Media Player" HDMI input as my TV doesn't have E-ARC.
There's no problem with most Netflix programs, but when I watch "Drive to Survive", every minute or two, the audio glitches. It goes silent, and then there's something like an echo that gets faster and faster until finally, the sound re-synchronizes. Kind of a stuttering that gets faster and faster for about 5-10 seconds.
The video is fine, and I have a Monoprice certified 48gbps cable between the AppleTV and the Denon -- not that this should matter, since I'd expect the video would go bad before the audio.
If I tell the AppleTV to disable Atmos and deliver 5.1, everything is fine. But it's only 5.1 and "Drive to Survive" has absolutely spectacular sound (it should win awards as an Atmos showcase).
Both Denon and AppleTV had software updates a few days ago, and neither had any effect so I'm running the latest and greatest software.
I understand that AppleTV does not have a "Passthrough" mode so my Denon can decode the streaming audio signal. Instead, AppleTV decodes the lossy Dolby Digital Plus 5.1 stream that Netflix sends to uncompressed PCM audio and then uses something called Dolby MAT 2.0 to send the Atmos metadata information. I suspect something is going wrong in that process, at least with Netflix. It mostly seems to fail when there is a lot of bass-heavy audio going on in "Drive to Survive", like the room-rattling racecar noises (vroom vroom).
Why, oh why, can't AppleTV just pass through the audio and let our receivers do the decoding? Riddle me that!
Is there a way to raise a bug report?