Docs
Getting started
Download Recadio from recadio.com/download-latest. Activate a one-week free trial in Settings > License.
Free version
If the trial finishes and you don't buy a license, you can still use the free version. In my opinion it's still better than the default macOS behavior, especially with the shortcuts. The only difference with the paid version is that it doesn't change audio devices automatically, and you switch them manually instead.
Shortcuts
Open the menu bar with ⌘+⌥+R (customizable in Settings). Once the app is open, press i for input or o for output to show numbers next to each device. Press the number to select a device without using the mouse.
Device auto selection
Recadio selects devices based on priority. Set the order by dragging devices in Settings > Devices. The app picks the connected device with the highest priority.
Overrides
When the app auto-selects a device, it shows a blue background. To temporarily lock a different device, click it (or use shortcuts). That device gets an orange background and stays selected until you remove the override by clicking it again or using shortcuts.