The method failed to create the audio endpoint for the render or the capture device. This can occur if the audio endpoint device has been unplugged, or the audio hardware or associated hardware resources have been reconfigured, disabled, removed, or otherwise made unavailable for use.
I typically have noticed it if WASAPI is not actually in Exclusive Mode - can you check your Windows audio properties and ensure that in the last tab (Advanced) the two checkboxes are both ticked? "Allow applications to take exclusive control of this device" and "Give exclusive mode applications priority"?
Windows volume must be at 100% in this mode, and any enhancements in that tab turned off. All of these are required for WASAPI bitstreaming to work.