You should probably be seeing a different device available for sound output, something like "HDMI ...", as here.
I don't think you should expect handling configuration for an S/PDIF device, in alsamixer
or else.
The device is supported, Device 'AMD Ellesmere [Radeon RX 470/480/570/570X/580/580X/590]' and it seems to have worked in 21.04, at least in some cases,
I don't know how you concluded it doesn't, or which driver you were referring to.
Even the HDMI audio alone seems to work, even if with some things to double check.
I assume you are certain your monitor has audio capabilities.
I suggest you post the brand/model of your monitor, plus the output of the commands below.
Also, try connecting the PC to a standard TV via HDMI and post what you see.
$ uname -a
$ lspci -nnk | grep -n -A 4 -i 'Audio'
$ inxi -F
$ hwinfo --monitor
$ aplay -l
$ sudo lshw -C multimedia
$ dpkg -l | grep alsa
$ cat /etc/pulse/default.pa
$ pactl list | grep -ni hdmi
$ pactl list modules short
$ dpkg -l | grep pulseaudio-module
$ pacmd list-cards
$ pacmd list-sinks
$ pacmd list-sink-inputs
You might need to install applications you don't have, e.g.
$ sudo apt install inxi hwinfo pacmd