Audacity is a useful tool for working with Audio. It is kind of like Gimp and Inkscape – tools everyone should have in their kit and be able to use when needed to work with various types of media. Audacity uses wxWidgets, which has some issues with Wayland. I think the KiCad project is facing the same problem. The symptoms are the timeline time tracker does not update, cursor issues, etc. The Audacity project is in the process of switching to Qt/QML.
We are updating the GUI framework to a modern one (QML specifically), hence why this is closed. There is no action to be taken on this specific issue which isn’t just part of the Qt migration.
A workaround (tested on Arch Linux) is to modify your desktop file, and add
sudo vi /usr/share/applications/audacity.desktop
Exec=env GDK_BACKEND=x11 UBUNTU_MENUPROXY=0 audacity %F