In case anyone else runs into this problem, here's what I found out after spending about an hour on the phone with Apple Support, which was very helpful. It turns out that macOS blocks hi-res audio greater than 48 kHz via HDMI in Silicon Macs (in fact, it also blocks 44.1 kHz output). To quote from the Apple document on hi-res music (About lossless audio in Apple Music - Apple Support):
- 14-inch MacBook Pro and 16-inch MacBook Pro support native playback of songs at sample rates up to 96 kHz.
- To listen to songs at sample rates higher than 48 kHz on other Mac computers, you need an external digital-to-analog converter.
I'm hoping that there is a very good reason for this, but I can't think of one. And I don't know if using an external HDMI DAC actually works, but there's a list of some HDMI audio extractors here:
https://audiosolace.com/best-hdmi-audio-extractors/
Anyway, Apple Support pointed me to this potential software solution using the app BlackHole:
How can I pass hi-res audio through my HD… - Apple Community
While this seems to have worked well for the member who provided the solution, it didn't work at all for me for some reason, but YMMV.
What worked for me was a Creative Sound Blaster X4, USB input to optical output. It will output files up to 24/192. You should download the Creative App for Mac, which is harder to find that it should be (https://support.creative.com/search/search-result.aspx?search=x4). I have a lot of multichannel hi-res audio files, and was pleased to find that they would play just fine.
Hope this helps. And I hope that Apple fixes this problem (I have provided feedback to Apple, FWIW).
UPDATE
Upon further review, it turns out that the Sound Blaster was transmitting only at 48 kHz. So, I found my old NuForce USB to SPDIF converter, which works great … for stereo. I still don't have a way to play my multichannel audio files.