Yes,
We learned that the Dolby Atmos container, at least in Dolby True HD, has a "core" 7.1 with ALL content. Thus playing in a 7.1/5.1 system we don't loose any sound.
Atmos and TrueHD 7.1 playback on 5.1 systems - Tests, Results, questions, experiences
The Atmos decoder, when heights/tops speakers are configured, then 'substract' the 'object' content from the floor channels, and 'add' it to the height channels, according to the speaker layout. If there are no height speakers, no operation is done and the full content 7.1/5.1 is played. It is not a 'downmix' but a 'core 7.1' played without the 'upmix' that would be the Atmos decoding process.
The way it sounds (without heights) may be good or not so good, depending on the mix. That's why some mixers prefer to do a separate 5.1 mix apart from the Dolby Atmos mix, taylored to their good taste monitoring.
I assume that this decoder behaviour would work equally well either the sounds are tied to 'bed' channels or configured as objects. (BTW, 'bed' channels are all speakers, except the LFE (SUB) , included the heights).
This is the theory, but we have to face now with several different formats and different
decoders, in addition to the Blu-Ray Dolby True HD - hdmi - AVR:
1) Atmos in Dolby Digital+, as it is delivered in all streaming services, either Films or music.
2) Dolby MAT (I don't know much about it)
3) Apple spatial audio that has its own decoder for discrete speakers home cinema and for the binaural virtualized stereo.
4) Amazon Dolby Atmos just for the Echo Studio (??)
...
As
@austinsignal is telling us, specially related to Apple, there may be (or they are) some decoders with different behaviours.
It would be a really BAD thing that some decoders does not include 'All' sound when they detect a non-Atmos system.
If some mixers/producers are afraid of that, and they avoid great height content and just put there a 'reverb copy' that if it is lost for someone it does not matter, then we have a Big Problem.