Help With 2026!

Things have changed since I last had surround about 2010. I have a 2018 LG E8UPA which works perfectly fine and would like to add 5.1 surround to it. I am unsure where to start selecting components.

1. The only outboard component is a DVD player, so I think I don't require outboard switching (Receiver) - is this correct?
2. The TV has an ARC connector - how will that be employed?
3. Wired/Bluetooth?
4. I'd like to have a system that will satisfy, but won't cost a fortune. Is there a compromise here?

My benchmark is a 2005 100W per Elite - that is it was my last surround experience.

Can the Group supply comments, thoughts, and suggestions?

Thanks

John