I would recommend this be the course of action everyone takes.The consoles audio settings sadly don't fix anything. I've tried just about every fix imaginable. This is 100% a bug introduced in one of the latest patches (not present on other consoles or unmatched versions)
I've submitted a few bug reports and the responses have ranged from "This is a known issue we are trying to fix", to generic "Thanks for bringing this to our attention!".
I'd still suggest everyone viewing this thread and experiencing the same issue submit their own bug report. We get that CDPR are busy with Cyberpunk and TW3 Switch, but I'm still really hoping this crap is fixed.
Submit those bug reports lads
To be realistic about the situation -- I'm not sure there's much more to be done. The issue is not universal (nor even common) across the consoles. It's most likely an indirect conflict that's happening between TW3, the specific audio hardware installed in the specific model of Playstation a user has, and the specific models of TV / speakers / audio cables used to hook it up to the display. If possible, try hooking the PS4 up to a much older TV and see if that changes anything. (Even if the problem still exists, see if it's different in any way.)
The more detailed and specific the info players are able to provide, the more quickly the support staff can exclude options and try to hone in on the cause. (Or, the more quickly people can discover their own workarounds and be able to enjoy the game. ) Given the length of time that this has been an issue, it's got to be a very obscure combination of variables that create the problem.