You are in the reduced GUI menu and you have a version of the floating mixer open. If you r-click on the track in the floating mixer you get a name change. If you want to render you need to r-click on the track name on the top menu line and that will give you an option to render to audio.

So all looks to be as it should be.

BIAB – 2025, Reaper (current), i7-12700F Processor, 32GB DDR4-3200MHz RAM, 1TB WD Black NVMe SSD, 2TB WDC Blue SSD, 1TB WD Blue, 2 TB SK NVMe, 6 TB External, Motu Audio Express 6x6