Correct, no DAC, no optical drive (although a model just came out with a Blu Ray drive, but I don’t know which keys are included or if it only plays ripped media; almost certainly DVD-A drive keys aren’t included). These aren’t particularly expensive devices, but you have to buy them either from Hong Kong or, more safely, through the AV Pasion folks in Spain.
What they do give you is the same (the exact same) MediaTek chipset, so all of the decoding (Dolby, DTS, DSD, etc.) and ability to use external media (a SAN, or external USB drive) are there, and if you want, the same LPCM output over HDMI. Obviously if you are interested in Atmos or Auro3D no Oppo can decode those, but simply bitstream over HDMI. With the jailbreak firmware, they can handle pretty much any external storage format (ISO, SACD-R, FLAC, MKV, etc.) or delivery format (SMB, NFS). They have the same limitations too, such as issues with Dolby Vision from MKVs.
My only AVR with analog in, a Sunfire Ultimate, died a few years back. All of my AVRs since are HDMI only. I purchased my particular Denon because ASR measurements of its DAC qualities were better than even the flagship Denon. I do have a Realiser A16 that can do analog in (16 channels!), but I’m not really interested in that cabling project.
If you really need analog, for 4.0 up to even 7.1, you’d have to add an HDMI LPCM external DAC, like the Essence Evolve II. I’ve got to believe that in the last 10+ years high end DACs have gotten better, but who knows? I find the DAC wars curious, such as folks paying, what, $14K for a DAVE headphone DAC?