Recording computer sound on an M4 Macintosh

On my old Intel Mac, I used to use Soundflower, with Audacity 2.1.0.0 to record any sound playing. Newer versions of Audacity didn’t work. Now I’ve got a nice new M4 iMac, and it won’t run either of those. A helpful user here pointed me towards Blackhole, from Existential Audio, as a replacement loopback device, and that works, as I can record sound from Blackhole 2Ch using Quicktime Player. Audacity 3.7.3.0 can see Blackhole as a sound input, but no sound comes through. Is this a long-standing bug?

The Audio settings on the Mac need to output: BlackHole.
The Settings of Audacity input need to point to BlackHole.
The Settings of Audacity output need to point to Mac Speaker.
Playthrough needs to be enabled in Audacity (Menu “Transport → Transport Options → Enable audible input monitoring”)

Those are the settings I’m using. I’ve been doing this for years using Audacity 2.1, but I’ve never been able to get 3.x to work. This is definitely a problem with Audacity, and not with Blackhole.

If you are sure that it is definitely a problem with Audacity - why does it work for me then (using Audacity 3.6.4)?

Okay, for me this discussion is over.