I have exactly the same problem since tvOS 17.5 (including tvOS 17.5.1) with my Sony KD-43XH8505 TV and my tv 4K, and my stereo pair of HomePod minis. Everything has the up-to-date OS. All cables have been tested. All devices have been restarted. the eArc setting on tv has been toggled off & on many times.
It all worked perfectly before this update! The Sony TV sound was correctly routed down the eArc path back to the tv and then on to the paired HomePod minis.
Now the HomePod minis still play tv sound fine, but the Sony TV sound is nowhere to be heard.
This is a very frustrating bug as it was a struggle to get my partner to accept the HomePod minis in the lounge even when they worked perfectly. Now that they are not working properly and we have to resort to the TV speakers when playing TV and the HomePod speakers only when we are playing tv content, it is a source of contention again.
Come on, Apple. Get this bug fixed with urgency. Please.