Regardless of whether you use SH3Cmdr or not, you may find this extract from the SH3Cmdr help file relevant...
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Since using SH3 Commander I can no longer hear speech or most sound effects. This problem will occur if you set the "Character animations", "Sound effects" and/or "Particle rendering" Time Compression events to 1. Reset each event back to the default value and try again (a Rollback is not sufficient to reset these settings). If your problem persists, scrutinise any new mods that you have installed since you last had full sound.
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