We are having the same issue and have contacted support multiple times including getting a replacement apple tv. We were excited about ATMOS since we have an ATMOS audio system. here is our setup and what we did but still don't have it working:
Appletv 4k w/Rotel audio receiver
updated to 12.0 and no sound on any apps or airplay
Our Roku works fine w/Rotel
The Audio Output is blank
Support had us restart, reload the software, still not working
Support had us send in the Apple tv and we were sent a new one
New one was on 11.0, so we confirmed all the sound was working fine
Updated to 12.0 and now there is no sound again
Called support back again and basically told us there is nothing they can do
We are big apple fans but this has been frustrating. Not sure what the next step is but wanted to let you know we have a similar situation.