Speaking from experience, playback from non-physical media devices, when configured correctly, will supply exactly the same bits to your TV/Receiver/Stereo as your physical disc player will depending on your rips.
It comes down to how you configure playback and whether you have enough raw storage to store full quality rips of your discs or if you transcode to save on storage space.
If you want Atmos or DTS:X from your video disc rips, you want to ensure bit streaming is enabled. This is possible in MC, of course. For any other format, be it True HD 5.1/2.0 or non-object based, you can let MC transcode that for you with 0 loss in quality.
From a VIDEO output issue, this is where you will have to decide the approach you want to take.
If you care about Dolby Vision and the Dolby Vision icon popping up on your TV when you have a DV capable video, then you would need to invest in one of a very, very small hand full of Android players that can do full enhancement layer DV playback (I can provide more detail if you really care).
Most other Android TV devices can sort of read the DV values, but don't offer the dynamic HDR values or 12-bit color that DV brings to the table (this is as I understand it; if MC does have access to the full dynamic DV values and the 12-bit color information, please feel free to correct my misunderstanding).
You would also need to find something other than MC for Android to do this, as the MC Android client does not seem to have an ability to playback the DV layers (happyu for someone from JRiver to provide evidence if this does actually work as it would change my personal approach).
If you want DV without having the disc, SOME UHD players can be used to playback files from a USB stick or drive, but the requirements to make this work are stupidly ridiculous because of limitations on playback of these files from USB or network. I do not recommend this method as it is a super huge PITA but some people prefer it, so be aware it IS an option.
If you don't care about DV and the DV icon popping on your TV and are happy with "just" HDR10/10+, then MC using the HDR10 layer from a DV file or from a native HDR encode, will provide some pretty amazing results and can do from modest hardware.
If you have the money for the Magnetar and have a use for everything it brings to the table, then by all means, buy that and enjoy.
I personally love my unRAID server full of original quality rips I have made from my personal physical media collection, streamed to my TV without needing to hunt for a disc or deal with menus and disc restrictions that force me to watch things like FBI warnings.