Pressing the play button multiple times will not increase the playback speed. Is this working for anyone?

For fast forward, click on the right highlighted area. The further to the right, the faster the playback. Same goes for playing in reverse on the left side.

In the web UI or the console?

I am experiencing the issue when initiating playback from the Windows console timeline.

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Excellent, thank you! I didn't realize those were "slider" bars on either side of the forward and reverse playback buttons.