Not your
only option. As has been mentioned, these consoles will support USB Audio (Xbox Series X is introducing it, PlayStation and Switch have had it for the past generation at least; the PlayStation headsets that Sony has been releasing since PS3 have used a USB dongle instead of Bluetooth, and PS5 will still follow suit despite having near-to-current Bluetooth support ... sadly though, not Bluetooth 5.2 and its promising new LE Audio codec.)
I'm not too up on using USB except for some headphones that broke, but audio over USB has a number of purposes (I'm not sure if it's the same process that gets sound out to USB-plug headphones?) and one would be to replace the aging and sadly sunsetting Optical Port. (You can read somebody doing a comparison on
HomeTheaterHiFi in 2016,
another in 2017, and it seems favorable as a replacement with some caveats.) Lag is supposed to not be a problem, although I do see some complaints about USB sound lag (but a lot of those seem to be PC complaints with lag introduced somewhere else in the system?) My experience is virtually nil with this (I'm looking into it with PS5 since my TV optical-out always did add a little lag that I'd like to circumvent some day) so maybe somebody else has some feedback on using USB output for sound? The problem with USB Audio doesn't seem to be the signal, it seems to be in support and device connectivity, in that your receiver probably doesn't have just a simple, friendly USB input to plug things together, but it can do uncompressed, multichannel sound; optical's leftover advantage seems to mostly be that it's A) optical over fiber and not prone to any electrical interference, and B) it's used only for sound and so no confusion, no conflicts.
Once you have the USB Audio out, if you want to get it back into an Optical device, I do believe you could get an Amp with USB Audio input and Optical Output to send the signal back over an optical connection. I think you're starting to get into pricey devices at that point (amps in general are luxury items mostly bought by those who deeply care about sound, but there is a market there thankfully,) but I think
this one could do the trick and it's under $50.
Would that above help?