Yes. The Beam will connect to the TV’s HDMI ARC port, and the PS5 and Xbox will connect to the TV’s other HDMI ports.

Assuming you are getting a Beam (Gen 2), try to get a TV equipped with HDMI eARC so you can take full advantage of the Beam’s audio capabilities.

I have the new LG OLED.  It has a HDMI eARC I believe.   So once the Beam is in that HDMI input, does it bypass the TV speaker for everything?

Yes. Just make sure you enable Simplink (CEC) before you run the TV Setup process in the Sonos app. And set the HDMI Input Audio Format setting on your TV to Bitstream and Digital Audio Output to Pass Through or Auto.