iPhone 16 Pro 18.1 no longer playing sound for incoming Messages nor showing banners

My iPhone 16 Pro on iOS 18.0.1 no longer plays the default Note sound for incoming Messages and no longer shows the banner preview.

I've checked Notifications settings and they're all on default.

Sounds & Haptics settings are also on default and the volume slider is set to about 40%.

Silent mode is off.

Focus is also off.

Bluetooth is off to make sure it's not connected to my AirPods. Speaker works fine because I tried playing a YouTube video and it was fine.

Edit: Just updated to 18.1 and I still have the same issue.