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Just in case someone else has this issue: for me simply putting my phone in silent mode and then turning silent mode off again fixed it.
 
I had this intermittently on my Xs and still again on my latest 14 Pro with latest iOS 17.0.3. I have to reboot to bring the notification sounds back to normal. Apple seem to not be able to fix this issue…. 🤔😬👀
 
I'm on 17.1.1 and still have this problem on my 15 Pro. Toggling silent mode doesn't fix it. Neither does rebooting. Anyone have a proper workaround or we're just stuck with this issue?
 
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