So I have no clue how in the world I did this or how to fix it, so I’m seeking your guys help. Any help will be greatly appreciated.
The main issue is with the Level Control (Output Channel) in Cubase 5. When everything was working properly, I could raise the Level Control slider up and BOTH the overall volume of the project as well as the graphical levels in the The Audio Activity Meter (Main Mix Output Channel - the level reader directly to the left of the level control slider) would go up. Both worked simultaneously when I adjusted the Level Control.
Now the problem I have is this: When I move the Level Control slider up, the volume of the project does go up, however, the Audio Activity Meter stays at the exact same levels (like around 25%).
I tried to figure out where the problem is (VST Connections, Mixer, Control Room Mixer, Device Setup) and for the life of me I don’t know what I checked (or unchecked) that has made this occur. I’ve even tried loading up different projects and I’m getting the same result, so it must be some sort of global setting I enacted.
I really thought the solution would be readily apparent, but I’m pulling my hair out at this point 
If anyone has had this problem and knows the solution and is willing to share it, I would be very grateful! 