Yes
It has to do with your install.
I have 3 machines running the exact same configuration as you have and video files play back on all 3 machines.
and I know that does not help you.
My suggestion to you is to delete both PS 2021 and Bridge 11, and important REBOOT your machine.
I would if you fell comfortable with the process run a program called "ccleaner" and REBOOT
Finally I would suggest running a Microsoft diagnostic software from your command prompt
Find command prompt R-click the file name select "run as administrator"
at the command prompt in the DOS panel type in SFC/ SCANNOW
It will check to see if you have any missing or corrupt system files.
Re-install Bridge 11 first and then reinstall PS 2021.
We need to eliminate possible causes for your system not working properly