I am pretty sure that this is only happening with TSW2020 since I installed TSW2, but I can't exactly remember the first time it happened. Everything is installed on Steam. The sound sliders are at 100% in game, the sound mixer is on in the desktop. The TSW2 sound is fine. However when I try and play TSW2020 there is no sound at all, no menu music, no sound of the menu icons being hovered over, nothing in-game either. It isn't quiet it is silent. I have successfully validated all of my files.
Have you tried - before even opening TrainSim - playing a "normal" music file just for a few seconds? Your problem happens to me occasionally, and it feels like I have to "kick" the sound card into life before loading TS. There's another sound problem, seemingly random, when "following" a train over some distance that one by one the sounds disappear. Exhaust steam (visual) and loco sounds go first, then wheelbeats. At the same time, keyboard controls cease to control the HUDs although mouse controls continue OK. Some days it's all OK, but not on a different occasion. Mystifying.