I had same issue selecting between my speakers that use 3.5mm jack and headset that uses USB. While the switch can be done within Control Panel, it's somewhat annoying. I ended up using SoundSwitch,
specs:
https://github.com/Belphemur/SoundSwitch/tree/v3.15.1
download page: https://www.aaflalo.me/downloads/
With SoundSwitch, i can use the default hotkey of Crtl + Alt + F11 to switch between my headset and speakers. Though, that hotkey can also be changed. SoundSwitch also works on recording devices if you have more than one (i have three). Default hotkey for recording devices is Crtl + Alt + F7.
Though, there are other small programs too that do same or similar thing,
further reading: https://www.raymond.cc/blog/easily-change-or-switch-the-default-audio-sound-output-in-windows-vista-and-xp/