64 bit is broken. Go to your application folder and right-click StudioOne. Select INFO.
Check the Open in 32 Bit Mode button. Reopen StudioOne and the extract Audio will work.
If you want 64 bit, uncheck the box and restart StudioOne again. If you saved the song, it will load with the extracted audio.
PreSonus knows about the issue and hopefully it will be fixed soon.