I am having this problem as well and I noticed something as a software engineer that I haven't seen mentioned in here (I do confess that I haven't read all 300+ comments, however).
There is no option to let windows manage the hardware. Unlike typical applications on windows where one can select a specific device -OR- select the windows default audio device, one can only access BT directly.
I tested setting the default audio device to my speakers and then setting the teams audio device to bluetooth and ... bingo. It worked.
With bluetooth headsets, one will have headphones (output) and headset (mic/input/combined). Set your input to headset and your output to headphones and the windows default audio to your normal speakers or audio output.
This isn't ideal, it isn't even really functional, but it will at least allow you to work for now.