Strange Voiceover Audio Issue. Mono vs. Stero Clip Channel Format?

I'm having some strange audio issues when recording a voiceover in Premiere Pro. I'm using Premiere Pro 2023 with all of the latest software updates.

For some reason when I record a voiceover, the audio file comes out in mono clip channel format and the audio only plays through one speaker. All of my previous projects the voiceover audio file would come out as a stereo clip channel format.

The issue isn't with my microphone as I tested with both my regular external microphone and my built-in computer microphone and the issue still remains.

Please check out this screen share video for a visual. Thank you!

https://www.loom.com/share/4afbf38b3d2740f392a443ce53325e74