I simplified the code even more, using some a suggested implementation found here, and now I get 3.40282347E+38 when trying to access parameterValue, and 0 when trying to access finalParameterValue.
float parameterValue;
float finalParameterValue;
public FMODUnity.EventReference eventRef;
FMOD.Studio.EventInstance eventInst;
void Start()
{
eventInst = FMODUnity.RuntimeManager.CreateInstance(eventRef);
}
void Update()
{
eventInst.set3DAttributes(FMODUnity.RuntimeUtils.To3DAttributes(gameObject));
eventInst.getParameterByName("Distance", out parameterValue, out finalParameterValue);
Debug.Log($"FPV {finalParameterValue}");
}