Thanks for your reply.
But I think we might be heading in the wrong direction here.
This does not seem to be a driver issue.
All devices are working fine.
As matter of fact, from my original post, the 3rd print shows that they are working, but for whatever reason, I have to click on "More volume settings" to select which output device the audio signal will be sent to, and also to set the volume level.
This seems to be more of a Windows bug, than anything else, since for whatever reason Windows gets lost while listing the devices from the 'speaker icon'.
But it fetches the correct list when accessed through: Settings -> System -> Sound.
Also, after restarting my computer the speaker icon is working properly again.
And while restarting seems to 'reset' everything back to normal, it's not always convenient to restart your computer in the middle of your day while at work.
I am looking for a solution that would either avoid this problem entirely; or provide a local fix where I could restart a service or execute a command to get things back to normal.