Same problem and the issue is that Windows and Teams do not necessarily match selected audio devices - that is, you may set it in Teams and get no audio output since Windows is defauting to something different. Here's the check/solution that worked for me when I didn't have audio in a large group meeting:
Step 1
Open Teams>Settings>Devices and select the audio device you want. This probably won't solve the problem but select the device you want to use anyway. I couldn't hear anything no matter what device I selected (don't waste your time updating audio drivers).
Step 2
Type "Sound" into the Windows search bar (typically lower left on your main screen) and select "Sound Settings" from the list provided (or find it from Windows settings - the "gear" icon). You'll likely notice the "output device" dropdown box is not the same as what you selected from Teams. In my instance the audio device was (randomly?) set to "NVIDIA High Definition Audio", which is completely different than the headset I always use and never change from. Make the Windows setting match the teams setting. This immediately returned full audio to my headset.
Step 3
Wonder why this isn't solved for a flagship product.