Appreciate everyone attempting to help, this is beyond frustrating.
I've removed all USB devices except my keyboard and mouse, no change.
Here is the Media page with a simple mp3 file from bensound.com - this screenshot was taken with the transport control in play mode, the play button is red. you can see the waveform. The playhead is moving, wave form is moving and as you can see, the meters are not showing anything.
- broken-no-meters.jpg (110.37 KiB) Viewed 17754 times
Here is the same Media page with the same mp3 file loaded in a different project and as you can see, the meters are actually showing movement. NOTE, there is still no sound being generated, and as you can see the Windows volume mixer doesn't show any sound being received. I have also checked each output device in the windows mixer to make sure Resolve is not present for any other device nor are they receiving any signal.
- meters-no-sound.jpg (101.8 KiB) Viewed 17754 times
Here is the Fairlight page, note the Play button is red, this is supposed to be playing, however there are no MU Meters moving and the playhead is not actually moving, it's sitting still.
- broken-fairlight-no-movement.jpg (149.49 KiB) Viewed 17754 times