Sorry I can’t offer any solutions. I’ve been having the same issue for the past hour or so. At first I could open my audio devices, and under the Advanced properties, I could test the Speakers and hear sound. If I tried to play music in Spotify, for instance, I couldn’t hear it either. Then I went back to the Advanced properties and changed the sample rate to 24bit 44100khz and that helped get sound to play in Spotify, but not Premiere. I checked the device driver, which is the latest version, and it seems to be fine. Like you, MME is my only option, and I get the same error message. Surely we’re not the only ones having this issue!