I’ve been using clients for years without ban but you’re absolutely right that it does risk TOS, my day of ban could very well be tomorrow.
The only other way I can think of is using OBS to livestream to an unlisted YouTube stream and share the link to those you want to watch, no one else can access it without the link. I’m not sure how bad the latency or delay is on this, but I think you can tweak some things to make it more low latency
Edit: realized matrix via element screen sharing doesn’t have audio sharing either so I removed it