I am getting a "no signal" message on my LG TV connected to my Apple TV 4K

If the light on the Apple TV is solid then the issue is not with the unit itself but rather with the connection. Try a different HDMI cable (make sure it is high speed, ie 18GBPS) and port, if possible test on another TV.

The ARC wouldn't be required unless you were using a 2nd gen 4K unit and trying to passthrough all TV sounds to HomePods. If that is your intention then you may have to investigate the issue with that port.

Use HDMI ARC or eARC with your Apple TV 4K (2nd generation) - Apple Support (CA)

Yes, if you don't specifically need Arc for the above use then just use the HDMI 2 port. You're welcome.

If you have a surround system then that is not HomePods. However, posted image for reference.

If you have a traditional surround system that that itself may require the ARC. If having issues with the surround, verify the Apple TV audio settings and also test other devices to see if there are issues with audio output there.

I have noticed that using the HDMI 2 port prohibits me from distributing my ‘Surround Sound’ the way I like it. The back speakers are as loud as the main speakers. Are these speakers what you meant by ‘Homepods’?

Thanks

Does this mean the port needs replacing?

NO, it means the HDMI cable likely needs replacing.

Thanks!

BTW, a new cable, HD, and fast, did not fix the issue.

I fear this means I need to send it in for repair.

Did you try another port?

Yes, the HDMI 2 port works, but it doesn’t support ARC.

So, I have nothing to worry about? That is great news.

Thank-you so much for your help.

though I have the Apple TV 4k 2nd gen box, but don't play audio in the way you describe.

Then you don't need to use Arc.