Regarding the original post query, the audiolib setting is still available but it’s now in the Experiment Settings rather than the overall PsychoPy Preferences because when people do need to change it they want to change it per-experiment. That also means that when they take their study to a new machine the preferences of that machine don’t alter the performance of the study (e.g. if it was created using low-latency PTB and then taken to a machine that has been configured to use sounddevice)
My above response about installing plugins also stands - you need the appropriate plugin for some of the sound drivers - but I had forgotten the more basic issue that the preference had necessarily moved location