Hi Ben, thanks for the question. Are you using the latest version of Windows 11? The per-app volume meter that showed live audio activity in Windows 10 is no longer available in Windows 11.
The current design only shows one global audio level, and Microsoft has not added an option to restore the old visual meters.
If you’d like Microsoft to bring this feature back, go to Settings, select System, Sound, then choose Feedback to send a request directly to the Windows team.