Additional settings-related features and issues within Microsoft Teams for business
Turns out there might be problems with Microsoft distributed AMD Bluetooth drivers. Have a look at this post:
https://rog-forum.asus.com/t5/rog-ally/bluetooth-headset-connected-but-has-no-sound/td-p/1125842
My driver for AMD Audio CoProcessor was downgraded from 6.0.3.116 to 6.0.0.109.
My driver for AMD Bluetooth Audio Device was downgraded from 6.0.3.37 to 6.0.0.31.
Everything Works fine now.