I've personally been using a nifty piece of software called VB-Cable, which basically does the same thing. Creates a software audio output as well as an audio input, which you can then use across different applications.
I personally use it to route my studio mic input through OBS, where I apply some filtering, to then be able to use it with different VoIP software.
Just last week I was geeking out at Jeff Gluon's home lab implementation, and he released a nice video walking through his power monitor, which also uses Grafana.