Can I connect my TV and speakers?

I just got Tidal HIFI plus and I'm wondering if I can use this device to replace my receiver. The plan would be to run an HDMI in from the TV to the node. I would then get wired speaker adapters so I could use the analog audio out plugs at the back of the node. Will this work and allow me to play streamed music to my speakers and also run the TV through to my speakers? Or should I be running a digital optical cable from the node to my receiver? The receiver is 96khz/24 bit capable, and I understand digital optical cables are capable of carrying this bandwidth, so basically I would just be replacing my current Avantree Oasis bluetooth adapter with the node if I can't actually get rid of my whole receiver.