Does the AVR pass along the data or re-transmit the stream?
That is the million dollar question!
A repeaters function is to re-transmit the data. If there is no OSD or video processing than the data is simply re-transmitted and I assume re-clocked.
Even if there is no OSD and no video processing, if the AVR is playing audio from the stream, then it is not just retransmitting the video data it receives to the display. Rather, it is created a new stream.
How do we know this?
We know this because the stream received by the AVR from the source is encrypted by the source using the key of the AVR. (If that weren't so, then the AVR would not be able to strip out the audio.) If the AVR simply passed along the stream it received from the source, the display would not be able to decrypt it. So, the AVR must change the stream into one that is encrypted using key information from the display. So, the AVR is sending a different stream to the display than it received from the source.
Ergo, new data, new timing and new voltage!