It won't pass 4k video and probably won't support lossless audio codecs like Dolby TrueHD. Bose doesn't mention any specific surround sound codecs. I guess they were too cheap to pay Dolby and DTS for the license to use their codecs.
Since that's the case your can connect all your sources directly to the TV and use the optical audio out of the TV to get audio into the Bose and not compromise audio quality.
Get a real home theater system with an separate AV receiver and good speakers when you can.
I was afraid that was gonna be my only solution, thanks for your input, I especially like the “get a real home theater system” I do have an Integra 7.2 A/V receiver but it doesn’t have HDMI at all . I guess I’ll just hook it back up and just feed the audio optically to it!