I've only been able to pull this off on *one* alder lake n-based mini pc. Of all the units that have dual HDMI outputs, only the Simodewa https://www.amazon.com/SIMODEWA-Mini-…y/dp/B0BZHKH2C5 (which amazon shows as currently unavailable) has worked for me. Not only is this the only unit I've gotten it to work on, you have to plug the display / AVR into specific ports, otherwise it won't work at all.
That said, the experience is truly enjoyable; mode changes on the display are instant, and the AVR 'locks on' to the audio stream with no issue, with the last caveat being the AVR can't be plugged into your TV (and therefore only supports 720p/1080p on the audio stream output).
Your other option is something like a VROOM device (assuming you also have gaming components you want to use).