Hi gives,
you're right. DearVR MONITOR is a plugin for headphone monitoring.
You could use dearVR PRO to create a mixdown for a wide variety of output formats including 7.1.2 and 5.1. With MONITOR you can listen to these mixdowns on your headphones!
You can find PRO here:
https://www.dearvr.com/products/dearvr-pro
Cheers,
Peter