I was able to figure it out:
I use a Xenyx 302USB audio interface to record a radio program. Anyway. I was having the same issue - "mono" identical recordings on both left and right channels despite the audio output on my monitor speakers being correct.
In Windows 11:
Right click on the sound icon in the system tray
Select Sound Settings
Scroll down to Input
Click on the right arrow next to the "microphone" that is designated as your USB audio interface
Under Input Settings, Format select the dropdown arrow and choose an appropriate stereo option - mine was defaulted to a mono option for some reason.
My Operations Manager at the radio station let me know that my last three recordings have been mono and I couldn't for the life of me figure out why. It started when I switched to Windows 11...