Not sure if this will help anyone else but I managed to fix my problem. I use an external soundcard with my iMac.
I went to ‘Audio Hardware’ and ‘Audio Hardware Mapping’, switched it to Built-in, then hit okay.
I hit spacebar on my project, it worked, then I went back and set it back to my external and it seemed to work!
Hope the helps somebody as I was getting extremely frustrated with this one!