Playback no longer simultaneous with applied effects?

Hello! One of the features I really like about Audition is being able to adjust effects and hear how it sounds instantly. This is key for things like notch parametric equalizing (or just parametric equalizing in general) and a ton of other effects. However, as of today there is a significant delay now (2-5 seconds) in the effect being applied while playback is going. I am not sure what changed. I didn't do any updates or run any new programs. Any help in fixing this would be lovely!