VU moving but can't record Stereo Mix

I’m trying to record using Windows DirectSound and Stereo Mix (Realtek (R) Audio). The VU meter is moving just fine, showing that Audacity is receiving the audio, but when I click record the audio track it’s just a flatline - no recording. How do I get it to record?

Windows 11
Audacity 3.2.1

What are the levels on your meters? Is the playback volume turned-up? If you are around -30dB or lower the waveform will look pretty-much like a flat line.

…That’s the only thing I can think of because you’re right… If the recording meters are moving it means the audio is getting into Audacity.

(Un-)check Transport > Transport Options > Sound Activated Recording.