I am experiencing the same thing: I installed the update (to version: 2019.11) and got static when playing back tracks with virtual instruments. Selecting MME (32 bit) as the Driver Mode under Audio -> Playback and Recording cleared it, but that caused other occasional playback hiccups. Windows 10 is my OS. The problem runs across more than one project and more than one my personal VSTs. Note: the problem does not happen with Cakewalk TTS-1 but does happen with other bundled instruments like the string section.
I think rolling back to the prior version of Cakewalk might be a good solution, assuming you can. I never used Cakewalk when it was Sonar, so I don't (at least I don't think) I have a Cakewalk account and thus can't get into the CCC. So, in my case I don't think I can. Note: the web page to migrate the forum account to a Cakewalk account comes up as 'not completely secure' in Chrome. That isn't necessarily mean the information isn't secure, but I tend to be paranoid.
On the other hand, maybe it's a problem that will effect enough people that Bandlabs will have to do something up it in the next update. Or, maybe let people know exactly what the fix is.
Hope something I said helps.