Yeah, SPDIF TOSLINK is pretty much only good for DD 5.1 now. It can't even carry 5.1 LPCM, not enough bandwidth. Was a good standard back in the day, way better than using RCA cables for each channel. or RF Modulation over RCA as well.
HDMI 2.1 is where its at now, and for computers DisplayPort 2.0. Those are the only way to get the ultra high frame-rates if you want things like 144hz. So for home theater that will be the choice. For gaming, DisplayPort 2.0 is what they need to be pushing since that's where people will want things like 8k @ 120fps, or 4K @ 240fps..etc.