When there are multiple sources of effects audio the game stops registering them; like the sound of a machinegun firing, GL impact on enemies, your character taking hits.
It’s like the audio gets overwhelmed.
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Having the same issue with my standard PS5, starting with today’s release; the audio for gunfire of various weapons (ARs,LMGs, Scouts), abilities (Grenades, casting Rift) even jumping will intermittently cut out. Seems to happen most often when taking incoming fire from enemies; atmospheric sound effects and background music seem largely unaffected. (΄◉◞౪◟◉`)