I’m having the same problem, seeing audio meters run while capturing. They respond to audio inputs before I hiy Capture Now, but then feeze. This doesn’t allow you to monitor levels while capturing, which seems insane. I’m capture analog audio via a Kona LH card.
I called FCP support, they say that it’s working correctly. I told them that seeing audio levels while capturing is crucial and I can’t understand while my previous 6 yr old Media 100 could show me levels and FCP can’t.
I went through the process as explained above. I see no “advanced” button under “audio settings”, just one under video. When I click that, I see no “speaker” tab. I’m running FCP 5.03. Any other thoughts?