You definitely need a solid tv cabinet to put your tv on or just below your tv to hide the wires.

I think you can make what you have work. Just go through your cords and determine which ones you can buy in shorter lengths. Then get a nice power strip with sufficient amount of outlets and mount it behind the TV on the left side as that looks like the less visible side based on the couch placement. This way you want see everything when you come around that corner on the right. Then it's just a matter of cable management. Loop each wire up nicely with cable ties or velcro strips. This way the only thing protruding though that center wire chase is 1 power and 1 data cable.

There could be an option B depending on what's on the backside of that wall.

Definitely a low TV console. Not only will it hide the cords, it will also place your TV at a proper viewing height.

I would get a new tv stand that is a cabinet / comsole like suggested above.