New Lenovo Thinkpad laptops mainly use Realtek ALC3306 chipset which by default is not supported by current driver stack in Solus 4.3. "Dummy output" is the default playback device and microphone is not working either.
Happy to report that I've managed to solve the problem by installing package: sof-firmware
As Thinkpad line is pretty widespread distro developers should consider including this package to the next Solus version by default.