I’m running a Shure SM58 microphone through an M-Audio Air 192/4 and into my Windows 10 tower. If I turn the gain up on my audio interface, then I get a little bit of waveform. Playback sounds good but quiet. Without being able to see the waveform it’s hard to edit. After reading some older threads on this topic, I believe my dB may be far too low. I have no idea how to change this. I’m running Audacity 3.7.4. Please let me know what other information I can provide. Assistance is greatly appreciated!
First, check if the signal level from your microphone reaches the yellow LED on the M-Audio audio interface.
If it sounds OK after running the Amplify effect, it’s OK. 
Low digital levels aren’t really a problem and digital amplification is lossless
But the issue with low acoustic or analog levels is, any preamp noise also gets amplified and your signal-to-noise ratio is worse.
I don’t know about the M-Audio but most audio interfaces are “optimized” for condenser mics which are 20-30dB “hotter” than dynamic mics.
A lot of people use a Cloudlifter or FetHead which are low-noise mic boosters.
I have to crank the gain up to about 9.5 to get anything other than the green bars. If I take it to the top at 10, I clip into the red.
So a condenser mic might be an element to look at. The only reason I have the Shure SM58 is that a friend was upgrading his orchestral studio and sold me his second-hands on the cheap. That included the M-Audio interface and the Shure SM58. I’m looking for professional quality voice for voice over work and from what I’ve read, the fewer plug-ins used for this work, the better.
Then I think everything is OK and I assume you can now see the waveform. But of course try to avoid clipping. Otherwise don’t be afraid to turn up the knob. The levels are more important than the physical knob adjustment.
There is one quirk that might be related -
When you record in mono with a stereo interface, the signals are cut in half so you don’t get clipping when they are combined. If you’re only using one input it will clip at -6dB (50%). The meters/LEDs on your interface are telling you the truth so they are better clipping indicator than Audacity’s meters.
You either boost after recording (which you’ll probably be doing anyway) or record in stereo and delete the silent track to make mono.
The SM57/58 is a fine microphone. They are the most popular stage mic of all times and it usually lasts a lifetime. Pro studios mostly use only use them (or other dynamic mics) for “loud things” like drums, or in front of a guitar amp. But I’m sure almost every pro studio has a few 57’s & 58’ s. A typical condenser has more high-frequency output than a typical dynamic mic but that can be tweaked with EQ.
If you’ve got excess preamp hiss, a hotter mic will help overcome it with a stronger signal, but usually the bigger problem with home studios is acoustic room noise.