Mic muted in TS3 but can still hear myself

Just installed TS3 on my new Windows 11 computer and I think I have everything setup the same as on my old Win 10 computer, but when I mute the mic in TS and have my mic arm down on my headset, I can still hear myself when I talk. It’s very faint, but I can hear it. Not sure if others would hear me, but sometimes I have to use my mic in other programs, like Skype/Teams, and I don’t want my voice being heard in TS.

Both the Capture and Playback devices are set to my headset.

I didn’t have this issue on my Win 10 computer using the exact same headset.

Any thoughts on how to fix this?