YES! I have been waiting for something like this for years. Leave it to Rogue Amoeba to create another Mac utility that fulfills a task that should come standard on the macOS.
SoundSource lives in the menu bar of your Mac and gives you fine control over the inputs and outputs of your audio. Given that I am an audio professional, I am always plugging my computer in and out of various different speakers, microphones, and audio interfaces. SoundSource offers me a convenient menu for managing these, one click away at all times.
Check it out here.