I have exactly the same problem. I have already adjusted the Audi Device option to the three options that appear to me. Also I already downloaded ASIO4all and I can't get the sound to reach the master.
I already uninstalled it and reinstalled it. Nothing.
If there is sound if I enter the clip Porperities, but ... from the editing table, not a single sound.
Unfortunately I have sent several tickets to Magix and I still have no response. Apparently they only released the software to fool some naive ... like me.