UPDATE: Although this solved the immediate problem, after I restarted it reappeared. I'm keeping this around because as I said below, after all the things I've tried, it's worth keeping track of what doesn't work.
I'm experiencing this with a USB headset, which, to my understanding, means it comes with its own audio drivers unrelated to the sound card?
Regardless, I followed some similar steps to @tkit's answer that fixed my issue.
- go to Device Manager
- open up Sound, video and game controllers
- right-click on the device and choose Update Driver software
- Click on Browse my computer for driver software -> Let me pick from a list of device drivers on my computer
- This showed a popup:
I picked the only option there, which I actually think was the same one I already had.
- Click "Next"
- I went through the installation process and when it finished, my volume returned to normal.
PS: TBH, I'm concerned this fix is temporary and will reappear. If that happens, I'll update this answer saying so; after all the things I've tried, it's worth documentingkeeping track of what doesn't work.
PSS: Strangely, the second time I went through these steps (I did this to write them down in this answer), I got a notification that said I needed to restart my computer for these changes. I don't think I saw that the first time.