I've used Magic for years and have never encountered this problem before. My input sources aren't receiving audio, or at least, the audio isn't making it to the feature I'm trying to animate. I'm able to hear the audio and I'm able to select it in the input sources section.
I've tried closing the audio device. I've tried rebooting. I've tried creating a new Magic project from scratch. The levels are loud enough. Nothing seems to work.
I'm running MacOS 12.5 and haven't updated anything there recently. I'm using a Yamaha MG10XU which doesn't require any sort of 3rd party loopback utilities. Any thoughts?