Since the last iTunes update (12.12.9.4) I haven't been able to play song previews either - Windows 11 laptop.
I have: restarted the computer, reinstalled the program, disabled Apple Music, reset my router, tried from another location, tried it with a VPN, tried it without a VPN, turned off the firewall, turned on the firewall, disabled anti virus, enabled anti virus, had a friend try on their computer (didn't work for them either), had the friend sign out and sign in as me (didn't work), I signed in as a friend (didn't work), signed in on another computer (didn't work), had a friend use their OLD non-12.12.9.4 version of iTunes - and it worked.
It is an iTunes problem.