I have Microsoft’s xbox headset so it’d only work with an Xbox. There might be some third-party alternatives that work with a PlayStation instead but I’m not too sure.
EDIT: Turns out Turtle Beach makes a PS4/5 headset with the same feature!
I apologize. I didn't realize there was PS version and Xbox version of the 700 gen 2. Looking at the reviews on amazon where I purchased it, seems to be mixed reviews whether it can be used with Xbox or not. Here's the link for the PS one I purchased, but if you search the reviews/questions, there's some discussion that might help you.
Also, looking at some of the reviews, it sounds as though you can control chat/game volume on Xbox version, but not PS. There is settings to control that second wheel on mine, but nothing to do with game/chat. I can control bluetooth seperatly if I was on a call or listening to misic. So,strange.
So, after all of that, I am pretty much no help to you. 🤣
Sorry.