As it turns out, this problem can also occur due to some type of corrupted files left behind in the obs-plugins folder of Streamlabs OBS. In most cases, this problem will start occurring after the user attempts to uninstall a plugin for StreamLabs.

Select the Classic app and browse to the Streamlabs OBS executable. Default location: C:\Program Files\Streamlabs OBS\ > Streamlabs OBS.exe; Select the newly created Streamlabs OBS and hit options. Select Power Saving Mode and Save. If you have issues

If you're still having issues with files not being created and/or not updating, check to make sure you don't have any anti-virus software that may be interfering, if so you will need to add an exception in your anti-virus software for Streamlabels