Not entirely true. From a sound quality point of view, there would be no gain. Most motherboards don't have Dolby Digital Live or DTS Connect though, so either would be needed for true 5.1 audio when playing games.
HDMI would be best, as you can use multi channel PCM. SPDIF requires Dolby Digital or DTS in order for 5.1 audio to be sent. HDMI doesn't, so you just connect it up, select PCM on the receiver and go: whereas when using SPDIF, you may need a sound card to get true 5.1 when playing games.
DVDs for eg, have Dolby Digital and/or DTS tracks, so they are just passed on to the receiver to decode when using SPDIF. Games though don't use either, so the audio needs to be encoded. Without either DD or DTS, SPDIF is capable of only stereo. This is where real time 5.1 encoders come in (Dolby Digital Live and DTS Connect). They are found on some motherboards, but generally only the higher end boards. Many sound cards have one or the other, sometimes both.
If you can use HDMI though from your GPU, then a sound card will not be needed to get true 5.1 when playing games. I use the word "true", because you can still get 5.1 via SPDIF without DD or DTS: however, it would be upmixed from stereo to 5.1 b the receiver, which isn't really proper 5.1.