I'm not experiencing this problem with 1.4.21, and nobody mentioned a similar issue during the beta. I would take a look at mods and ini files as the culprit. When Skyrim updates to a new version, it sometimes requires that your ini files be rebuilt, so you may want to try deleting/renaming them to see if this solves the problem. Also, disable and/or remove any mods that you are using to see if they are responsible.
There is a known issue with battle/combat music not playing after a certain point. This may be related to armor rating or character level and the game doesn't register an enemy as a threat, so the combat music doesn't play. This may be different from the issue you're describing, but it is a well-documented issue.