I was using Windows version 1909 before this and never had the system sounds change its volume. I've already googled quite a bit and tried most setting changes to no avail. He was even convinced that this was a feature of clicking on the slider button, which seems a bit odd to me. I checked with a friend via Discord screenshare to see if the same would happen on their end and it did.
Adjust System Sounds to 5% or mute completely.I can recreate this bug most of the time by doing the following: Whenever I adjust the 'System Sounds' in the volume mixer and then close the volume mixer, soon it will reset back to 100% and it will even unmute itself. The only applications I have installed at the moment are Chrome and Discord. I just did a clean install of Windows 10 20H2 on a new disk and applied the latest updates and drivers.