I use the Astro MixAmp Pro TR for this exact setup but with PS4, not sure if it works with PS5 yet but should work since it just acts like a USB headset.
It allows you to have a source through USB, digital optical, and aux at the same time. The aux has some static but that might just be an issue with mine.
Sounds like a Astro Mixamp to me.
This is the PC/PS4/5 version
ASTRO Gaming MixAmp Pro TR with Dolby Audio for PS4, PC, Mac https://www.amazon.com/dp/B07NSN61NS/ref=cm_sw_r_cp_api_fabt1_5icXFbX5RHPRY?_encoding=UTF8&psc=1
https://i.imgur.com/4QCul5R.jpg Can anyone give me advice?
Here’s the Amazon link in the pic:
Their optical HDMI is sold out, I was thinking on buying these 2 products. Would this help?
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https://www.amazon.com/gp/product/B07NSN61NS/ref=ppx_yo_dt_b_asin_title_o00_s00?ie=UTF8&psc=1
https://www.amazon.com/gp/product/B017B6WFP8/ref=ppx_yo_dt_b_asin_title_o00_s00?ie=UTF8&psc=1
You can get one of those Astro Mixamps to separate it, I am currently using one and it works well, there is a newer version of the mixamp, it's listed for $99 on Amazon currently, click here for the new one, the old version I am using seems to be hard to find these days, but here the one I am using (the white one)
Other option is the Turtle Beach one but at $149, it's a bit too expensive in my opinion
This can help with the audio. But if you only have one monitor it's probably not a net improvement.
https://www.amazon.com/dp/B07NSN61NS/ref=cm_sw_r_cp_apa_i_hA2DFb8AH0YDT