Borate, thanks for getting back to me.
In videopad, I did check for upgrade and was directed to the page - https://www.nchsoftware.com/videopad/versions.html
The windows installation file https://www.nch.com.au/components/vpsetup.exe was downloaded. Running this performs the upgrade.
Directory of C:\Users\petak\Downloads
02/04/2022 16:13 6,890,472 videopad-11-38-2022-03-29-64bitpaid.exe
03/04/2022 09:06 6,890,472 videopadsetup64.exe
03/04/2022 09:10 5,817,832 vpsetup.exe
The first two files, the one you used and the one I found, both seem the same. Whereas vpsetup.exe seems different.
Rolling back to v10.47 and re-upgrading using vpsetup.exe does not reproduce the issue now. The sound works OK.
In the investigation I also did a v10.47->v11.34->v11.38, so the rollback was two steps before I re-ran the upgrade. Maybe this affected something.
I'll check next time I upgrade.
Thanks.