You can create a shortcut to

  C:\Windows\system32\rundll32.exe shell32.dll,Control_RunDLL mmsys.cpl,,playback

I could have sworn that's a feature in Windows 10.

Edit: nope, but https://soundswitch.aaflalo.me/ will do it - never used it though.

There are several, but I haven't used any of them in a while (probably around Win8/8.1. Here are a couple I've used...

https://audioswit.ch/er

https://github.com/sirWest/AudioSwitch

I think there was another that was some variation on "audio" and "switch"/"switcher".

You can also create a shortcut to nircmd with the setdefaultsounddevice value set and assign a hotkey for the shortcut.

Now I use EarTrumpet, which lists devices in the right click menu.