First, there's a 12.3 update? That might have saved me time had I known! So, I think I've just fixed it on my end too. I tried this (which didn't work immediately) and then added a step or two, thanks to Apple support. First, this... (Menu Bar): Go > Computer > Macintosh HD > Library > Preferences > Audio Delete the com.apple.audio.DeviceSettings.plist and com.apple.audio.SystemSettings.plist files When I did that, I couldn't find either of those .plist files. In fact, I didn't have an Audio folder at all. However, the Apple Support chat helper did suggest those same ones. He also recommended deleting the com.Apple.soundprefs.plist from the main "Preferences" folder (not in "Audio" but one level above). I then emptied the trash and tried playing Apple Music. Got pops and the support guy suggested rebooting into Safe Mode and trying again. Why Safe Mode? Because it not only turns off extensions temporarily, but rebuilds some caches that could be corrupted. In Safe Mode, there were no pops. And, in fact, for the first time I heard the speakers on my 2021 Macbook acting as they should... and they're incredible. Very good. I then rebooted again as normal and it seems to be working great. Hope that helps anybody who was still seeking!

I want to echo what others said (and to say thanks), this fix worked for me too... Deleting “InstantOn.driver” at /Library/Audio/Plug-Ins/HAL/“ and a reboot  Also, for those who mention not finding the plug-in "InstantOn.driver" or the HAL folder in that location, remember that there is more than one Library folder. One is located inside the System folder, the other is not. You don't want the Library that's inside the system folder, you want the one that you'll find by clicking on your hardrive image in the left of the Finder window. Then follow the file tree and you should find an "InstantOn.driver" folder inside the HAL folder. Delete that (requires you to enter system password approval) and reboot. For me, worked great afterward.