This issue is related to prior posts here: PreSonus Forums | Video player mute mutes everything | Studio One Forum Community Support and here: HELP Please! Issue muting Video. - Questions & Answers | PreSonus

I, too, have Windows 11 and Studio One 5 and have imported a video which plays properly.  I've exported the audio to a track because I want to adjust the gain envelope.  To avoid hearing double audio (the new track and the video), I mute the video, but all the tracks get muted, too, because it appears that Studio One is muted in the Windows mixer.  I tried changing the "Release audio device in background" at Options > Audio Setup > Audio Device, but same result either way.  I also tried clicking the Control Panel button there and tried to activate the Exclusive Mode checkbox in the Windows Audio popup, but it was not allowed.

Any advice?  Has anyone been able to solve this?