Videos not playing even with enough storage and after restarting my phone

Videos recorded through my iPhone 14 Pro Max (new and old) are not playing from the Photos folder. The Play button switches to the Pause button as expected but the videos do not play at all.

I have 100+ GB of storage left and I have already restarted my device a couple of times but to no avail. It seems to have started happening after the recent iOS update (17.3).

P.S. The videos play when on Edit mode.