Well, I did another test and that clarified things a lot.
I changed the connection by daisy linking Apple TV 4K to JBL Soundbar 9.1 HDMI IN port and then continued from JBL Soundbar 9.1 HDMI OUT port towards HDMI ARC port on LG TV.
This way Apple TV 4K allows only 4K HDR at 60Hz with Chroma 4:2:2 and no longer Dolby Vision.
But Apple TV 4K now sends DOLBY ATMOS MULTI-CH PCM to JBL Soundbar 9.1 which seems to be better than DOLBY ATMOS DD+ sent previously from LG TV towards JBL via HDMI ARC port.
Strange enough that under 4K HDR colors seem to be far more vibrant than under Dolby Vision. I really need to go and see what shall Dolby Vision bring better than 4K HDR?!?
When I go and run Apple TV app under webOS on my LG TV 65SM8500PLA then I get Dolby Vision on display but DOLBY ATMOS DD+ sent to JBL Soundbar 9.1.
Strange enough why OPTICAL connection between LG TV and JBL never works. I see the light in the cable but there is no error indication and JBL just remains silent no matter that volume level is adjustable. But this is another chapter in this troubleshooting.
Obviously you are right that missing HDMI eARC port is messing up with everything on my first hardware configuration and none of LG TV HDMI ARC port settings work fine. There are three possible: Pass Through, Auto or PCM. All three produce garbled sound on JBL Soundbar when sent from Apple TV 4K device and JBL always displays only "PCM" on its display. Of course LG TV in such configuration will never send DOLBY ATMOS MULTI-CH PCM but only DOLBY ATMOS DD+ for Dolby Atmos content or DOLBY SURROUND DD(+) for 5.1 content.
LG TV understands missing bandwidth due to only HDMI ARC and (if I understand correct) compresses the audio when its apps are in the game. What LG TV does to the audio coming from Apple TV 4K device in case of 5.1 content, I will never know, but what comes through JBL cannot reproduce into normal sound and it always detects as PCM only.
A. Is LG TV responsible to do something to the audio data on the way from Apple TV 4K towards JBL Soundbar 9.1?
B. Or it is JBL who does not understand Apple TV 4K's way of sending audio for 5.1 content?
Next TV with HDMI eARC! ****! Now I have to see how much do I lose when Apple TV 4K apps are streaming in comparison with when LG TV apps are streaming. Video versus audio quality - what is easier to accept being downgraded?
for Dolby Vision + Dolby Atmos content
in daisy chained configuration,
4K HDR Chroma 4:2:2
DOLBY ATMOS MULTI-CH PCM
in star topology,
Dolby Vision
DOLBY ATMOS DD+
for 5.1 content which is usually not Dolby Vision anyway
in star topology,
only garbled soound with JBL displaying "PCM"
in daisy chained configuration,
JBL still displays "PCM" when Apple TV 4K is streaming FRIENDS from HBO MAX but the sound is normal - not garbled :))) this is why I suspect LG TV has fingers in between when star topology is in place and Apple TV apps send audio data and LG TV apps send DOLBY SURROUND DD+ instead