New TV: what to do with TOSLINK optical output

I never said that HDMI would be best connection for audio only but it is the only digital connection that can transmit those lossless surround sound formats eg DTS-HD MA & Dolby True-HD, Dolby Atmos to the fullest resolution bandwiths for his AV sources from his Sony PS4. This setup is mainly for his AV sources, not strictly for two-channel listenings. I’m also aware that HDMI isn’t the best digital connection for two-channel audio only source. Everybody knows that.

The reason I recommended the Cambridge Audio receivers to the OP cause Cambridge makes great sounding av receivers at affordable prices points. The CXR120 is only $1200 and the CXR200 is only $2k but they sounded very good, better than much more expensive Japanese AV receivers that are loaded with features bells & whistles.
With this Cambridge receiver the OP can also connect using other digital connections such as USB, spdif (coax digital) & Toslink (optical digital) for his audio only two-channel music materials and use HDMI for his AV sources from his PS4.

@caphill -  yeah I see where you wrote that now.

I would have agreed that at $8 the converter would be garbage but maybe I got a good one as I was frankly surprised just how good it managed to sound taking the tv toslink fed into a small receiver.
And it fixed an issue on the cheap and was definitely worth an $8 experiment.
Of course I am not touting it as the last word in fidelity but it is worth considering.