Use Equalizer APO with a noise-reduction VST. This is by far the best option on Windows if you are concerned about latency×compatibility×underruns as a figure of merit. It is far superior to using "virtual audio cables" and a VST host (like Lighthost or SAVI) or voicemeeter.

It's not well known, but it really works spectacularly well compared to those other options. For me it never has had any audible buffer underruns (unlike Lighthost), no noticeable latency (unlike SAVI and Voicemeeter, even with small buffer sizes), no problems regarding exclusive mode (unlike voicemeeter) and it works with every single application.

The UI is not terribly clear about this, but it can drive multiple devices independently, simply by adding several "Device" blocks to the configuration.