Can I use this to split HDMI out from a receiver to both a TV and a soundbar? Would there be any limitations/losses in using this approach?

This HDMI splitter can distribute one HDMI input signal to two HDMI displays and transmit video and audio simultaneously with no loss and no lag. However, it only duplicates the signal and does not extend monitors. Additionally, it is not compatible with HDCP2.2.

NEED AN HDMI SPLITTER WITH 2 IN AND ONE OUT? IS IT POSSIBLE?

They do make those, but it's not this product. Be sure to look for HDMI splitters that say "2 in 1 out"

Questions & Answers: HDMI Splitter 1 in 2 Out, 4K HDMI Splitter for Dual Monitors Duplicate/Mirror Only, 1x2 HDMI Splitter 1 to 2 Amplifier for Full HD 1080P 3D with HDMI Cable (1 Source onto 2 Displays)

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HDMI Splitter 1 in 2 Out, 4K HDMI Splitter for Dual Monitors Duplicate/Mirror Only, 1x2 HDMI Splitter 1 to 2 Amplifier for Full HD 1080P 3D with HDMI Cable (1 Source onto 2 Displays)

ONE INPUT TO TWO OUTPUTS - This mini HDMI splitter can distribute one HDMI input signal to two HDMI displays, transmit video and audio simultaneously, no loss, no lag (NOTE: This product does not extend monitors, only to duplicate)(the unit does comes with a USB-micro USB cable,But does not come with a 110v power source)
PORTABLE - Mini size: 2.5x2.1x0.5 inches/ 6.3X5.3X1.2 cm ( L X W X H ), easy to use and carry, travel friendly.
4K ULTRA HD RESOLUTION - HDMI splitter for dual monitor support 4K, 3840x2160p, 3D, and 480i@60Hz/ 480p@60Hz/ 576i@50Hz/ 576p@50Hz/ 720p@50/ 60Hz/ 1080i@50/60Hz/ 1080p@50/60Hz/ 1080P 24Hz 3D/720 60Hz /4K@30HZ [For 4K resolution, the frequency can't above 30Hz].NOTE:Not Compatible With HDCP2.2.
SUPPORT - 1x2 HDMI splitter 4K upport HDMI v1.3/1.4, HDCP compliant ( version 1.2 ). Support deep color 30 bit/36 bit. Support audio format: DTS-HD/Dolby-true HD/LPCM7.1/DTS/Dolby-AC3/DSD/HD(HBR)

$9^.99 –