Waves MaxxAudioPro not working after Windows 10 v. 2004 install (wrong output device setting)

I just updated to Windows 10, version 2004, and now I can't get my Dell XPS 15 9560's Waves MaxxAudioPro to output sound correctly to my large external speakers. The output device selection pop-up works, and I can choose "External speakers" in it, but this (frustratingly) does not change the setting in Waves MaxxAudioPro.

I have had this problem before, and it makes my laptop effectively useless for playing sound as the sound is ouput for internal speakers, which makes it sound very wrong in my large external speakers.

Windows Update and Dell Update tell me that I have the newest drivers.

What is the solution to this? Why does such a simple and essential feature stop working? Version 2004 is from May, about three months ago. Is anyone else experiencing the same issue?

I never understood why Waves does not just allow users to change the setting in the app, when it has a pop-up for that same setting. Wouldn't that solve this problem? Just looking at the wrong setting right there, and being unable to change it, makes me feel absolutely powerless, while being surrounded with tinny-sounding music.