Cubase 12 audio

Please watch the various VU meters inside Cubase.
Do they show any activity where they are supposed to?
Are your tracks properly set up? Like is the correct output selected?

Try clicking the Reset buttons in the Studio Setup window (your first image) and see it it fixes it. There may be a port name conflict that is causing Audio Connections to lose connections.
Make sure the port name for the channel is the same in both places.

If everything’s okay up to this point but the issue persists, then it definitely doesn’t come from Cubase.

Make sure to set up the audio channels properly by disabling Exclusive Mode in Windows and disabling Release Driver in Cubase (or follow this guide if you don’t know how to do it).

Most importantly the sample rate must match between Cubase and your device, specifically when using ASIO4ALL since it doesn’t change it automatically. If your projects in Cubase are 48 kHz then set the channels in Windows to this same sample rate. In my opinion, it is very likely that your problem comes from here.