Try to set the SPDIF as the default audio device. That might work.
If it doesn't, try updating audio
driver.
At last, as you said, your GPU
driver is the last one, still, the problem might be right there. Usually, when the device manager shows the HDMI audio as functional and it still doesn't work, it's probably a GPU
driver issue.
Try switching your GPU driver to older but stable versions.
On my case, nVidia
drivers area always a pain in the *ss, so, when I successfully find a good and stable driver I stick with it for a long long time.