I have an LG OLED 55 C3 with HDMI 2.1 and eArc. As described, I connected it to my Marantz NR1508 AV receiver (Arc only) via a standard HDMI input. After some initial problems, which were due to the TV's settings, I can now route the audio data directly to the AVR as a PCM 5.1 signal. I didn't notice any audio delay. Without an adapter, only PCM 2.1 and at most Dolby Digital were possible via the built-in Arc port.
I set the PS5 to LPCM on the TV, but all other configurable formats are also sent directly to the AVR, as long as they are supported. DTS was also possible. It's important that the HDMI input on the TV and the eARC connection to the AX110 are set to Bitstream, even though PCM would be more logical when using LPCM. However, the PCM setting on the LG is more intended to allow the TV to generate PCM.
Now comes the big BUT, regarding the functionality of CEC control signals. However, these are explicitly not the responsibility of the adapter offered here. Hence the 5-star rating.
However, it might be helpful for others too. At first, the control signals worked, as Feintech stated for the product. The AVR also accepts them via a conventional input. Volume up, down, mute, menu control, and power on and off with the TV. Now I want to connect some other devices on the AV receiver to the TV. So I connected the HDMI output to a normal HDMI input on the TV. After that, the only thing that worked was turning the AVR off. It seems that control signals are now being sent to the AVR in a loop, and the AVR isn't interpreting the signals correctly. Sometimes the receiver suddenly turns back on again. However, on the LG and the Marantz, you can only turn HDMI-CEC on or off completely; you can't set it separately for each port.
I've now found a solution to disable CEC for individual connections. There's an adapter that disables the HDMI CEC channel (PIN 13). Just search for "HDMI CEC lock" here on Amazon.
The only limitation is that the devices on the AVR can no longer be controlled via CEC. However, the AVR can still be controlled via the TV and connected game consoles.
Conclusion: Full marks for the Feintech team, who offer solutions that the various manufacturers have still not been able to standardize in two decades of HDMI standards.
Perhaps Feintech can include this in their FAQs and possibly include such an adapter in their product range or include it with the AX110.