No, they will not! The SPDIF output is direct pass-through only. There are no effects, EQ, settings for it at all. Only volume. Even worse, there is a ~1-2 second delay/cutoff at the beginning of EVERY sound played, even if you seek in a video or audio file, the digital signal will instantly go dormant and repeat the delay before resuming playback, cutting off the first 1-2 second of audio again.
A workaround for the digital audio delay/cutoff: Digital Sound Keeper v1.0.3 [2019/07/14] here:
http://veg.by/en/projects/soundkeeperWay more details on mine here:
https://rog.asus.com/forum/showthread.php?111994-Xonar-SE-Souncard-Problems-Any-Ideas