Alternative to "click cycle" without cumbersome UI?

The A/V receiver in my living room has a "click cycle" functionality. There's a button labeled "Mode." It changes the mode every time you press it. If you accidentally miss the desired option, you have to click it like 10 times to cycle it back to what you want. I think that's bad UX.

I thought of a few ways to fix this, but they all have disadvantages:

  • Split "Mode" into 2 buttons: ◀ MODE and MODE ▶
    Now there're 2 buttons for Mode. All other multiple choice toggle buttons would have to have back buttons too! Takes up too much space!

  • A single ◀ BACK button for the whole device
    It won't be very clear to people that this button works as the back button for all actions. Additionally, there are many buttons on the console. Users will have to move their hand(s) to the back button, which may be quite far away from what they were previously interacting with.

  • A graphical drop-down menu on the TV screen
    The A/V receiver is usually put on a shelf under the TV. The user will have to look up at a steep angle to see the choices, hurting their neck. It also requires 2 buttons: ◀ PREVIOUS and NEXT ▶

What's the most elegant implementation of a multiple choice toggler with as little buttons/UI as possible?

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