Having HDMI ports on your TV is important if you have a lot of things to plug in, but you'll find that space is quite limited. For example, I have a 4K Blu-ray player, a PS5, an Xbox Series X, a Switch 2, and an Apple TV 4K all in my living room, so that's five spots right away that are clogged up. Many TVs don't have nearly enough ports to keep everything plugged in, so you have to constantly manage the cables, and it becomes a hassle.
Get an audio receiver for your devices
Better sound and more devices
A receiver is the answer to all your problems, but you have to be willing to spend a couple hundred dollars on something good. I wanted something that would let me get Dolby Atmos sound in my living room, so that was my main reason for picking one up -- the additional HDMI ports were just a bonus.
My receiver, a Denon 760h, has six HDMI ports available, and that's more than enough for everything I have plugged in. I recommend you take note of everything you want plugged in at any given time and go from there. You can save some money by purchasing something that isn't overkill for your setup. On the other hand, it's nice to have something you can grow into, so if you can afford it, maybe it's worth it to go for something that has ports to spare in case you want to fill them up later.
Pick up an HDMI switch for cheap
More ports for good value
If you're running low on HDMI ports on your TV or monitor, you can pick up an HDMI switch that effectively turns one port into many. You can find many good selections if you simply type in HDMI switch into Amazon, and you'll see brands like Anker and Monoprice available for under $50. A switch, not to be confused with the Nintendo Switch, is a device that plugs into one of your available HDMI ports and splits it into many. For example, this one unlocks four new ports for use.
My advice would be to grab something that can support 4K resolutions, and you won't have anything to worry about. You don't have to break the bank by any means, so if you're strapped for HDMI ports, this is the best bang for your buck you can find.
A soundbar could be a good option
It's strange, but it works
Your soundbar might be your path to getting more HDMI cables plugged into your TV. You might notice your soundbar has a few extra ports on it, and that's for good reason. Before HDMI ARC and eARC ports became the norm, this was your way to ensure your game console would get sound to come directly out of your soundbar. It still works today, and if you want to plug your PS5 into your soundbar, it'll work as intended.
If you go down this path, you'll free up a few ports on your TV as some of your devices are plugged into the soundbar instead of the TV. You won't get the versatility of an audio receiver or switch, but you'll get some extra ports you didn't otherwise have. The bonus here is all you have to do is check your existing soundbar, if you have one, and see if you have some ports on it that you aren't using.