Unless things have changed substantially and I missed it, FLAC does not do similar tricks for other multichannel audio modes. Meaning that for surround sound, each channel is independently compressed and it is unable to exploit signal correlation between channels.
Proprietary formats like Dolby on the other hand do support rather intelligent handling of multichannel modes.
FLAC is not solely a distribution format. Indeed as a distribution format it sucks in a number of ways. It is chiefly used as an archival format, and would in fact be ideal as a mastering format if these deficiencies Could be addressed.
I don't use or desire multichannel audio but that and the hardware acceleration are interesting points.
Multichannel audio support is nice because it is often used in distribution of media files sourced from DVD/BluRay. It would be good to have a high quality, free codec for that use.
Apple's ALAC (Apple Lossless Audio Codec) format is an open-source and patent-free alternative. I believe both ALAC and FLAC support up to 8 channels of audio, which allows them to support 5.1 and 7.1 surround. https://en.wikipedia.org/wiki/Apple_Lossless_Audio_Codec#His...
These are distribution formats, so I'd be surprised if there were demand for floating-point audio support. And in contexts where floating point audio is used, audio size is not really a problem.