Setup

Audacity screenshot with setup fields highlighted

Input: check that this is set to the desired device or default input
Output: check that this is set to the desired device or default output
Project Rate:
- CD quality: 44.1 kHz
- audio for video: 48 kHz or 96 kHz
Mono vs Stereo:
- Voice recording: generally mono
- If recording an instrument or DAW with 2 cables: generally stereo

Reference

https://www.thebroadcastbridge.com/content/entry/7999/should-audio-for-video-be-recorded-at-high-sample-rates
https://www.homestudiocorner.com/stereo-or-mono/