Maybe, it depends on the TV and DAC. Your question is similar to asking "Will my car go 150 mph?" without any more information.
Search Google for "breakout box"
Your will need the TV's HDMI ARC enabled and the HDMI cable plugged into the ARC output. NO ARC? Look for a breakout box with optical in.
Match the breakout box HDMI output to your DAC, Monoprice has an affordable breakout box but the output is digital optical S/PDIF, does your DAC have a optical input?
If not then you will have to look for a different breakout box that has a coaxial SPDIF output, ideally using a digital audio cable, also from Monoprice.
Monoprice Blackbird 4K HDMI Audio Extractor, 18Gbps, HDCP 2.2
https://www.monoprice.com/product?p_id=24278&gclid=Cj0KCQjw9O6HBhCrARIsADx5qCSzVr9SNXfKb37vy3Z1ETGgv7YpoEfrxrAL6biH3By69ab5a9IsmU8aApZyEALw_wcBSome DAC's like the Chord Mojo will accept the optical output from a TV so you don't need the breakout box.
After all that I have no idea if the input into your DAC will work or work good because I never tried what you are doing. 5.1 output through ARC into a receiver can be real good, the new eARC supports up to192kHz, 24-bit, and uncompressed 5.1 and 7.1, and 32-channel uncompressed audio. It also supports DTS-HD Master Audio, DTS:X, Dolby TrueHD, Dolby Atmos and sound excellent.