Yes, it would. Thats why @thettareddast was not talking about that, but about the playback devices.The Dolby Atmos surround content will be mixed in that format, by engineers in a recording studio. I don't think Apple will be using some sort of filter effect to simulate surround from stereo sources. That would be terrible.
Let me explain.
That Atmos content will be played back on mainly Apple hardware (airpods, stereo paired homepods...), except perhaps n the cases where an ATV4K is connected to a dedicated AVR with an Atmos setup (ie 5.1.2 or 7.1.2 with ceiling speakers)
The Airpods and the Homepods use spatial audio to reconstruct and playback the surround content. Since they do not have discrete channels, and properly placed speakers, we could consider that the Atmos playback is simulated in those instances.