This seems to be more about how to use Voicemeeter than Thetis.
All versions of Voicemeeter are essentially the same except for the number of channels available and naming of the channels when you look at those channels in other software like Thetis.
While Voicemeeter is a wonderful application and really works well the channel naming conventions are horrible and confusing. They change depending on what sort of driver is being used (e.g. MME or ASIO, etc.).
When you install Voicemeeter Potato, which is the version with the most channels, it also installs all other versions as well, i.e. Voicemeeter Banana and Voicemeeter. If you look carefully in the Windows Start Menu you will see all three of those, and also separate 64 bit versions as well. It's probably easiest to either make a desktop shortcut or pin a tile on the Start Menu for the version you want to use all the time. Be sure to use a 64 bit version.
There are a very large number of Youtube tutorials on how to use Voicemeeter in general. Many of those will show how to interface other software to Voicemeeter, so while it won't specifically be Thetis watching those tutorials should nevertheless provide the necessary information. I can't guide you to the best tutorials because I've not had to watch them myself
There are also a tremendous number of resources on the VB Audio website. Grab your favorite beverage and some snacks and settle in for a while:
https://voicemeeter.com/user-guides/
https://voicemeeter.com/video-tutorials/
and the manuals are at
https://voicemeeter.com/
Basically you have to understand the following:
1. When you select one of the Voicemeeter devices in Thetis (or any other program) that is the same thing as "plugging in a cable" between Thetis and a particular channel on Voicemeeter.
2. You can use the same channel in Voicemeeter for both input and output with Thetis. There is no need to select two different channels. This will be a "Virtual Channel", either B1, B2 or B3. How many of those are available depends on which version of Voicemeeter.
3. As already mentioned, the Voicemeeter channel names are horrible. Suffice to say that this page in the manual does the best job I'm aware of. If it has "AUX" in the name then it is channel B2. If it has a "3" in the name it is channel B3.

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4. You also need to master the idea of "sends" or "patches". That is what the little buttons marked A1 through B3 are for. Clicking on one of those will send audio from that channel to the channel marked on the button. For instance, if your mic is on channel A1 and Thetis is on channel B1 then on the mic channel (A1) you need to activate the B1 send to get the audio over to Thetis. Similarly, if your PC speakers are on A1 then you need to activate the A1 button on the Thetis channel (in this example channel B1) to get the audio to flow from Thetis to the speakers.
BREAK
I'm going to move this topic to the Virtual Audio subforum.