I just tested this with 22h2 fully up-to-date as of today (possibly with a preview update still) and its showing up fine. Its difficult to actually say what the issue is and its not necessarily Windows.
It could be just as possible that your keyboard driver or firmware has the issue. If you're only testing it with the keyboard controls then I'd suggest that you should try with something else if you have something else that could like extra mouse buttons.
I tested with AutoHotkey v2 and the following script that I made. It will side step the keyboard firmware and driver and use other keys in the event there's something going on with the keys you use. It might also diverge in how it goes about it. This uses scroll lock and pause keys:
#Requires AutoHotkey v2.0
ScrollLock::Send "{Volume_Down 5}"
Pause::Send "{Volume_Up 5}"
Additional: If that keyboard is Bluetooth then the following may be a issue which is fixed in KB5022913. https://support.microsoft.com/en-au/topic/february-28-2023-kb5022913-os-build-22621-1344-preview-3e38c0d9-924d-4f3f-b0b6-3bd49b2657b9
"This update addresses an issue that affects the user interface (UI). The volume up and volume down commands from a Bluetooth keyboard do not display."