Just in case anyone is interested, Cakewalk is working fine for me now, although I'm not sure what I did to fix it.
I have been using Studio One for the past few months but I opened Cakewalk again recently to export some tracks and, to my surprise, it miraculously works fine now.
I'm not sure what changed but I suspect it might have had something to do with the buffer size. Previously I tried to change it in an effort to fix the playback issues but it would automatically revert back to what it was set to before.
Whatever the reason. . . I'm just glad it works properly and I now have the ability to use either Cakewalk or Studio One.