I guess I've been fortunate so far- only complication I've had is needing to install it per-device & forgetting to restart windows after a new device installation. Think I'd be inclined to go the hardware route if that failed for me, but to elaborate on the other options I'm aware of:
The virtual device stuff would be Jack or VB Virtual Cable, which can be used to route/loopback windows audio through whatever software you have that allows both input & output devices (like a DAW, some players, etc..), but I've found that a bit more complicated and latency prone.
Some other software that might work: I believe JRiver player has a feature for handling system audio (also hosts VST IIRC), when I tried it had some latency issues, perhaps it is better now? Some "Virtual Mixer" software that people use for streaming and such- like VB Voicemeeter Banana, have EQ- though I have never tried it myself.