Requesting help with audio issue: Elgar’s HD60 S+

So here is the problem I am having.

The Elgato is working perfectly. Streamlabs is picking up the PS5 audio when I stream/record.

The issue is that I cannot figure out how to be able to hear the audio through my headphones while I am playing. I can only hear the audio when I go and listen to my recording. While I am playing, it’s silent.

Is there a way I can get the sound of the ps5 to play through my headphones that are plugged into my pc so I can hear and record at the same time?