I can confirm that repairing the registry value mentioned by @63084460 is the real fix without compromising security.
To make things easier I have created a reg file you can import.
https://ares.gobien.be/wp-content/uploads/2021/10/fix_audio_service_no_devices.zip
After importing, reboot the computer (or restart both Windows Audio services).
You can read more about this issue in my blogpost.
https://ares.gobien.be/2021/10/windows-10-may-2021-update-can-break-audio-service/