Error: Can't find audio output channel

I'm working in the latest version of Premiere Pro 2025, Version 25.6.1 (Build 2) on Windows 11.

The issue is as follows:
Whenever I press play, I get a yellow triangle, and the error:

Can't find audio output channel
Premiere Pro can't find a valid output channel for audio playback. Please check your audio hardware preferences.

The strange thing is, my audio hardware is set up fine. I tried all the options for outputs, the error keeps coming up.

Additionally, when I scrub the timeline with my cursor, I do hear the audio being played. But when I press play, I get the error again.

This issue has been recurring. I rarely use Premiere Pro, but I need it for ingesting footage for a client. Starting a new project does not help, nor does reinstalling premiere pro.

Additional specs:
CPU: Intel Core i7-13700K
RAM: 32 GB
Graphics Card: GeForce RTX 2080

Sequence settings:
Sony XDCAM EX 1080p (HQ)
25 fps
Audio sample rate 48000 Hz