Found this "related" work around for later versions, and it makes a little sense to me now.
Normally I disable the built-in Realtek speaker and microphone device in Playback and Record sound devices, and leave only the Bluetooth headphones and Bluetooth headset [enabled].
Blueooth Headphones usually (do not) have an audio Input microphone, but Adobe Audition tries to set that as the Input.. the Audio Hardware drop down doesn't list any other possible Input source because I have the built-in Realtek audio source disabled.
Bluetooth Headsets are usually for gaming and have a mono or stereo Mic Input .. and thats probably why that work around works. Audible is able to sort or detect both and things just work. I would suppose something goes wrong when trying to open the Bluetooth Headphones and only one stream, the Input is silent and it fails silently to figure out how to deal with them as an Output.
Simply, with the Realtek built-in audio Source set as the Input, and the Bluetooth Headphones set as the Output under Audio Hardware.. everything starts working properly.. and the Bluetooth Headphones are playing back in high quality with few to no dropouts.
Headset mode has limited Bluetooth bandwidth, and part of that is reserved for the Input channel, so dropouts and quality suffers quite a bit with Robot'ing frequently occuring.. but with the full Bluetooth bandwidth available when using Bluetooth Headphones mode.. there are no dropouts.. and no Robot'ing.
Smooth as silk.