I have started using Ableton Live and note that Apple users have Core Audio which allows them to select two different audio devices, one for Input, another for Output.
How can this be done with Windows using ASIO?
I have attached a screenshot for reference of what I am viewing.
It can't be done with straight ASIO. It can be done with the standard Windows drivers or it can also be done by installing ASIO4All and routing all your interfaces through it. However, neither of those options will give you as low latency as going directly through ASIO.
I have intermittent blips/clipping occurring on playback of a recorded audio, though the meters are peaking around 70%, not sure why there is a clipping sound. Is there something perhaps not set correctly in the DAW?
Yes, there are very few reasons for recording at 192kHz and some very good reasons not to record at that high a frequency. 96kHz is normally as high as you need go.