Got a reply from LG, most relevant part below:
I want to assure you that your feedback has not gone unnoticed, and we understand the inconvenience this situation has caused. We've received numerous emails from valued customers like yourself, all highlighting a similar experience with the audio output when using the eARC HDMI set to pass-through mode on the TV.
After a thorough investigation, it has been identified that the issue is indeed related to the latest software update. Please know that our headquarters is fully aware of this matter, and our dedicated team is actively working to develop a comprehensive solution. We understand the importance of a seamless audio experience, and we are committed to resolving this matter promptly.