This is issue is in the media tab to the far right. When I bring up a loop to have it sync to the current song there is no audio. The loop is playing and the audio volume is up but no sound. I believe this happened after updating to 12.
All Previews are routed via the Monitor bus, if Control Room is enabled (Cubase Pro only). If Control Room is disabled, the Previews are tied to the Main Mix.
Thank you so much Martin. This was driving me crazy.