The Optical Spectrum analysis object of QuantumATK is not meant to be used for 1D and 2D materials - only for 3D bulk materials.
For the latter, it is as accurate as the DFT electron spectrum, especially, for unoccupied states that are known not to be exact excited states of a many-body system related to single- and two-particle excitation. For that, one could use GW and BSE approximations (not implemented in QuantumATK) for many-body Hamiltonian.
One may also want to use a hybrid functional approach such as HSE to correct for single-particle excitation spectrum, but one do not account for two-particle excitation, e.g., excitonic effect.