HDMI vs 7.1-channel analogue outputs

I am looking at new 4K blue ray players and the Panasonic model I am targeting has the 7.1-channel analogue outputs.  Are these beneficial over the HDMI connection? If so how? 
If you have 7 channels of control snd amplification it might sound better.   
Might not.
I can’t attest to 7.1, but I recently was faced with possibly selling my Marantz AV8805 and going with a Anthem that doesn’t have 5.1/7.1 analog inputs. I like the analog inputs for my Oppo 105 for SACD/DVD-Audio surround Music. So I tried 5.1 vs HDMI on a few of my favorite discs and suffice it to say, I am keeping the Marantz. 
I also tried a movie and again the Marantz sounds about the same on either.
In your case I think it really depends on what your pre-pro is as the processing in each the Panasonic and the current Pre-pro. 
So I guess my answer if possible get the analog out and then you have the best of both worlds.

i am finding 7.1 analog out on players and on pre-pros are getting rare. But I think it is a cost driven decision vs sound quality.
My AVR is the DENON AVR 4400H and the DVD player is the Panasonic DP-UB9000.  I guess to your point it depends on which device has better processing.  
HDMI is just a DVI with sound, HDMI supports encryption for the lawyers and simplicity for newbies. The sunset rule from 2011 stated high definition video content could not be transported over analog connections, it was for copy right protection and nothing to do with performance. I personally prefer the digital conversion to be done at the source.
So if the digital signal is passed out of the source/dvd via hdmi, does the processing just take place at the AVR level?  As long as the the AVR has decent processing I wonder if the main issue with HMDI is additional signal noise with a longer path to digital to analog conversion.  
Yes, analog's square wave is much easier to pass thru a metal based signal cable than small packets of digital bits. Might I suggest taking a look at a article entitled "A Deep Dive into HDMI Audio" on Audio Science Review website for a little more clarity on the matter than I can provide.
The better audio amplifiers are much more likely to have analog inputs than HDMI inputs.