HDMI Audio still best?

What player is this? You should pose your question in the owner's forum for whatever player it is you have.

It depends on the player and the receiver. If the receiver has better DACs, then use HDMI. But if you have a really good player, like a TOTL Oppo or Sony XA5400ES, then have the player use its internal DACs and send the signal to the receiver using the analog outputs. The top Oppos uses stacked DACs for better sound which surpasses almost any receiver's capabilities.