Would you consider yourself an advanced sound system operator? For myself I would not, maybe just above average, but I'll try to help anyway:
You've updated your HDMI out driver (which includes the sound out) and it had an effect.
The speaker level output is a different component of your computer, however. It is generally just an onboard sound chip, part of your motherboard, and I'm sure you already know this. If you are using that analog output sometimes, you might want to update those motherboard soundchip drivers as well.
If I understand you correctly, your normal setup (the one that worked on ff7 previously for you) is to use HDMI output, run it to your digital receiver and then the receiver actually outputs HDMI video AND sound to your TV? That's awesome. I'm not able to do that, because I don't have a digital home cinema receiver.
If that's what you were doing to start with, and you don't have any analog cables coming from the standard audio out jack of your onboard soundcard, then speaker level out in ff7config.exe will never work at all. In that case I would actually disable the computer's analog soundcard device from the windows sound control panel.
But finally, are you are saying you mostly have the issue solved following driver update, as you are getting sound effects through your home cinema speakers--but you are getting no output at all from the HDTV's speakers?
If that's all correct, I'm guessing you (or your computer, like the drivers falling out of date) changed SOMETHING since you played last, because I don't think the update(s) SE did affected anyone. They had nothing to do with sound, iirc. Plus, if you are using aali's driver now (or bootleg), I don't think you are even using any of the sound components from the new release at all. Maybe if you used GameConverter.8, idk.
Anyway, if the TV sound isn't working at all, and the receiver output to your home cinema speakers is working fine, that sorta points at the way you've connected the receiver to the TV, no? I mean, I like the setup design fine, makes sense because you don't have a lot of HDMI inputs on the TV, and like you said, you'd need a really long HDMI cable. Still, if the sound is getting to the receiver OK, this then falls out of scope because what the receiver does with that signal has 0 to do with the game or whatever applications are making noise.