Yes, the microphone is listed as the default device for output. I believe I may have stumbled upon a solution based on forum member Corsair Calico Jack's recommendation to another forum member concerning dropped connection problems with the headset in this thread. Here is what Calico Jack recommended:
I thought to try it and my microphone started working as expected. I have yet to see if the mic continues to work as normal but it seems to have been an issue with the USB connection.