My work laptop all of a sudden now has this issue - even the Play/Pause button on my Arctis 7's stopped working. I know it's not hardware because the skip forward and back functions work and use the same button on my Arctis 7's, and my personal PC uses the same keyboard/headset and the Play/Pause buttons work.
I tried looking at the human interface editor and it's running (but I can't restart it as this is disabled). Super annoying!
Edit: I just saw the post about Teams and confirmed, shutting down Teams enables the Play/Pause buttons on both my keyboard and Arctis 7's. No less annoying as I rely on Teams for work and can't have it disabled.
Hey MS - FIX IT!