You are running an old version of OBS Studio (32.0.1). Please update to version 32.0.4 by going to Help -> Check for updates in OBS or by downloading the latest installer from the
downloads page and running it.
You are running Windows 11 25H2, which will be supported by Microsoft until October 2027.
Dynamic Bitrate is enabled. Instead of dropping frames when network issues are detected, OBS will automatically reduce the stream quality to compensate. The bitrate will adjust back to normal once the connection becomes stable. In some (very specific) situations, Dynamic Bitrate can get stuck at a low bitrate. If this happens frequently, it is recommended to turn off Dynamic Bitrate in Settings -> Advanced -> Network.