Holy shit disabling the Audio Enhancements in the “More Audio Settings” area of Windows 11 fixed it for me!
Just tried the game out and audio is working as it should now.
As someone who doesn’t use the equalizer, for me not being able to use it isn’t much of an issue.
Thank you so much for the suggestion my friend! I hope you can find a fix for it that allows you to also use the equaliser!