On Mac M1 OS 11.6, a new composition for 4 instruments in play mode sounds clean and distortion free. Exported audio is distorted at all volume levels for the mix and for separate instruments. Audio Hijack 3 and 4 capture a similarly distorted file.
Have you tried varying the buffer size of the audio driver?
( Edit > Device Setup; in that dialog click on the Control Panel button)
Even if it sounds crazy, try also to decrease the buffer size and see how that goes.