Your question is a little unclear to me because there are at least two unknowns. References to "third-party software" and "downloaded movie" are complications that preclude an answer. At a minimum you need to identify that software as well as the source of the movie content.
Macs have been capable of playing Dolby Atmos encoded audio content for decades.
Suffice it to say if the audio content is not encoded with Dolby Atmos or if that software does not incorporate the necessary codecs then the encoding is lost. If you are using Apple apps (Music, or the TV app) that eliminates one of those unknown factors. For third party products, contact the developer.
For reference:
Play Spatial Audio with Dolby Atmos in Music on Mac - Apple Support
Mac mini (2023) - Tech Specs - Apple Support (M2)
Mac mini (2024) - Tech Specs - Apple Support
... is there any way to produce in this format?
In case you are also asking about producing Dolby Atmos encoded audio, Apple apps such as Final Cut Pro incorporate that ability.