Isn't it done on the fly though? There can't be 4 complete mixes, just look at the size of the audio.
Those different sub-streams (stereo, 5.1, 7.1, Atmos) are merely instructions on how to unfold or unpack the audio to fill out the maximum number of speakers supported by the player & hardware being used at the time. There isn't a separate stereo mix + a separate 5.1 mix + 7.1 mix, etc.
The instructions on exactly which audio elements are included in the 4 different sub-streams is not done on the fly but the way in which the sub-streams work, by only unfolding or unpacking certain elements, & then subtracting those where needed, ...is done on the fly; ...this is what makes TrueHD so space-efficient.