My advice would be to look into setting up a Plex media server. It’s free software that lets you stream your video and audio files to your devices and supports multiple audio tracks and subtitles. If your television supports native apps you might be able to stream directly to your television. If not I’d recommend something like an inexpensive Amazon firestick that you can load the plex app onto.
That sounds like something very complicated compared to converting it over to a different format that you can burn to a blu-ray disc that preserves all audio tracks and/or subtitles. Also, I don’t have a smart TV.
I did convert the MKV file to MP4. And I was able to fast forward and rewind via USB in my blu-ray player, though there was only one audio track. The audio track that is in the MKV file. I had wanted to be able to check out the other supplied audio tracks so I could pick out the one I think sounds the best.