Low Audio Output from MacBook Air M1 2020 (From internal speakers as well as external speakers)

My MacBook Air M1 2020 has suddenly lost audio volume. Even at full volume, the sound is almost 50% less louder than before.

I connected my external Sony speakers via the 3.5 mm jack, and the volume is low there as well.

Since I have my windows laptop connected to the same speakers as well, I could compare the audio output from the windows laptop vs the Mac, with the same content playing, and the windows laptop gets much louder.

The volume is fine on the AirPods Pro connected to the MacBook though.

I tried resetting the NVRAM, still not fixed. Please help...