You are correct.
In "panel mode" you will hear what the physical sliders and buttons are doing.
To troubleshoot your issue, follow the signal path as if it were water in a pipe. Make sure your oscillator is turned up, make sure the oscillator level is up in the mixer section, make sure that you are sending to one or both filters, make sure the filter is open and the filter level is up, make sure your VCA envelope is active and being triggered, and then make sure your master volume is up.
If you're still not getting a sound after being sure it's set correctly, try reinstalling the firmware and try again.
Good luck!