If you use video passthrough of an AV receiver, then some video settings have a maximum bound by that receiver. It shouldn’t block content, but some resolutions or dynamic range might not be available if that receiver doesn’t support it. It acts like a filter with a lowest common capability. An older AV receiver may not be modern enough for modern maximum video features, like 4K HDR10 or 4K Dolby Vision.
If needed, reset your Apple TV video settings while the receiver is connected in the HDMI chain. Then Apple TV will reflect the capabilities of that setup. Then all content requested by the box should be compatible. Changing the setup without changing the settings might cause incompatibilities.
I don’t see how this could affect only HBO Max, though. It should act similarly for all streaming services.
What is your model Apple TV? Identify your Apple TV model - Apple Support
What is your model AV receiver in this setup?
What is your model TV in this setup?