Since VM deliberately mentioned Ableton Live, I an cautiously optimistic about the Matrix router. Ableton in all of it's iterations is famously intolerant of working with other programs that do not work EXACTLY as expected. It's kind of a benchmark program for overall compatibility between audio apps.
Voicemeeter is quite compatible with for example 'wonky' ASIO implementations out of the box. I've had a ton of success with VAC but frankly you *know* if you need VAC for the specific thing you're trying to do. Otherwise Voicemeeter should handle everything. There's a reason it's what I use on my primary, day to day 'workstation' for simple routing. Essentially, Audinate's Dante VSC driver is *phenomenal* when you're using it in ASIO mode (like, it took me *ages* to implement my own version for windows) , but WASAPI leaves a lot to be desired since it just creates a bunch of stereo devices. When I need desktop audio (so gaming or applications that lack ASIO) I use Voicemeeter's 'virtual' output as my windows output device, and in Banana just copy the in > dante's ASIO driver. It's latency is fine for gaming on a 120hz display (and it's a testament to how incredible AES67 alike realtime audio transport is)
As I said, like on VMs, and purpose specific devices that have to run Windows (like media renderers or the gaming instances) , I just use my own AES67 implementation with VAC handling the sink device.