Audacity not recording in Mac Sonoma 14.3

I am running Audacity 3.4.2 under macOS Sonoma 14.3 on an M2 Pro Mac Mini. I am trying to record audio from my TEAC Cassette Deck using an Audio Interface connected via USB. Recording does not pick up any audio; Input levels not displaying in meter. Audio Input is set to “USB Audio CODEC”. All other settings are default. This setup works fine in other audio editing software. Am I missing something? Is there an issue with Sonoma 14.3?

On M1 is the same problem.