John,
As you can see from the link " Can’t overdub with M-Audio M-Track DUO", I also had this problem. However, that was with the M-Audio M-Track Duo interface and Audacity versions 3.1.3 and 3.2.3. The problem “magically” went away when I upgraded to Audacity 3.3.3 ( which you already have[!?]). This seems to suggest that you should uninstall Audacity and install it again. Beyond that, I have no wisdom for you. I DO assume, however, that you have set the M-Audio “ASIO sample rate” and the sample rate of your project in Audacity both to either 48,000 Hz or 44,100 Hz. (They need to be the same). Sample Rates - Audacity Manual (audacityteam.org)
Audacity simply croaks when those are mismatched, while, in for example Zoom communications S/W, you’ll sound like Darth Vader if you set your M-Audio gear to 48000 Hz, because Zoom wants 44,100kHz (The Zoom folks do not tell you that). SO, make 100% sure you have the same sample rate (Hz) set for both Audacity and the M-Audio device.