Can you provide overall measurements of the room? It appears you use the leather recliner and the one seat closest to it on the sectional? How many people do you need to sit in the room in a daily basis? Non daily basis?

Before you make a firm decision about changing out the furnishings, I'd like to suggest you at least fix the current arrangement to see if the adjustment makes you any happier.

I'd like for you to consider swinging the piano around as indicated in the plan. That will provide a bit more space for the sectional and furnishings.

If you position the start of the sectional in line with the edge of the fireplace I think more the fireplace will be open for viewing.

IMO the tall case to hold the TV and speakers was the wrong solution. The room requires a larger screen for viewing.

A wall hung cabinet with a larger screen above would be a good solution.

Maybe not this rug but select a rug with more pattern and a touch of BLACK.