I'm having this exact issue, unfortunately.
I just got a pair of new Razer Kraken headphones. Unfortunately, the sound isn't quite to my liking so I'd love to use an equalizer to tweak parameters. Razer's Synapse 3 doesn't seem to support the 2019 Kraken.
So I've installed EqualizerAPO, which doesn't work with my default Realtech drivers but does with the old Razer Surround.
However, Razer surround has the crackling issue. Keeping Bluestacks open fixes it, but Bluestacks causes interminent internet lag for some dumb reason.
Lastly, Razer's newer 7.1 Surround drivers refuses to work altogether with EqualizerAPO.
This is frustrating as all hell.