Do you get a loss of picture quality by routing all video inputs through an A/V receiver?

My current set up has all components connect via HDMI to A/V receiver and then a single HDMI from receiver to TV. Also an optical cable from TV to receiver for television audio.

But would I be better to have all components instead connected via HDMI directly to the TV, and then use ARC to send audio only to the receiver?

Do either make any difference to picture quality?

P.S. I am a videophile more than an audiophile, so would rather lose a little audio quality to gain a little video quality rather than the other way around.