digital audio on the new mac studio

Apple hasn't included digital audio out on Macs for some years now.

When I bought my 2019 Mac Pro I needed optical digital output and bought a USB to SPDIF adapter. It works without the need for drivers and provides exactly the same features as the built-in SPDIF (such as multi-channel audio from media).

I bought this one, which I can vouch for working with a Mac (I've also tried it with an M1 MacBook Pro): https://www.amazon.co.uk/gp/product/B00DP7PWIK/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1

There are plenty of others, but you'll have to do some research to make sure they're compatible.

look at hardware such as Cal Digit thunderbolt 3 or 4 Dock.