Question about Flex capabilities

My monthly bill had gotten out of hand so I'm looking for ways to lower it without losing a lot of channels. I likely will keep internet service but am considering going to Firestick, Roku or something else. I currently have a 4K box, and stream Netflix, Prime, Max etc through it to my AVR and then my TV.
 
Someone suggested the Flex box might be worth looking into but were unsure about a few things. I was able verify the Flex has 4K, but am hearing it may not have Atmos or even Dolby Digital if I run HDMI out from it into my receiver. Does the Flex have all the apps like Netflix, Prime etc, even the free ones like Tubi, music like Spotify etc? And can I view my local channels on it. My other concern is recording. I may go through YouTubeTV or Hulu that I think can do this as well