I just did the update for Audacity 3.1.2 but I’m still having issues. I am using Big Sur 11.6. The specific problem I’m having is that in preferences, under “devices” it doesn’t give me an option other than my laptop microphone for the recording device. I also can only choose 1 channel (mono).
I’m on a Mac Book Pro, using a mini-usb to usb to usb-c to record cassettes to mp3s, but I also originally tried the mini-usb to hdmi through an adaptor since my laptop only has 2 usb-c ports.
I use an (old fashioned) HiFi cassette player with a Behringer UCA-202. If you have a hifi cassette player then this is a good option as the old hifi cassette players were often much better than these cheap USB devices, and the UCA-202 has a good reputation for reliability and good sound quality at a low price (I bought my UCA-202 for around $30 US).