The way I described does not use ARC. If you want to use ARC connect the PS and Mysky to the TV HDMI inputs and connect the Sound Bar HDMI output to the TV's ARC HDMI input.
ARC has pros and cons.
On screen volume of sound bar
Can use TVs remote for volume
Theoretically automatic input switching and powering on/off devices
When you turn on ARC it enable CEC (consumer electronic control) which often causes problems with input switching and turning on/off devices
Does not have lossless surround sound formats. Blu-ray is the main source that has lossless sound, so not a big deal for most other sources. But to get lossless sound the device needs to go to the sound bar first and then the video will be sent from the sound bar to the TV. So the BR player (PS in this case) connects to the SB HDMI input. The SB uses the audio and sends the video out it HDMI out to the TV on one of its HDMI inputs.
Will require multiple remotes or a universal remote
While ARC sounds great in theory it is the CEC part of it that tends to make the system difficult. In the simplest of systems like your mysky box, TV and SB it would probably work fine. The PS will probably mess it up. When you turn on the PS there is a good chance it will switch to the proper input and work fine. When you turn the PS off it will probably not switch back to the Mysky input so you will need to use the TV remote for that. The other problem we often find is the SB or TV will not go to the proper input when you turn on the system, requiring some more button presses.
If reliability and ease of use is important than turn off CEC/ARC and get a decent universal remote. You can get an IR dongle for the PS so you will be able to control it from the remote for watching Blu-ray and not have to use the PS controller. I know PS makes a remote but it does not work IR so the universal remote can't learn it. The IR dongles work fine.
CEC goes under many names. Each manufacturer calls it something different. Here is a link with a basic list.
if you turn off ARC/CEC and you have devices connected to the TV via HDMI or use the TVs apps or tuner then you need to use an optical cable from the TVs optical output to the optical input of the sound bar.