It turns out, it's really important to download the exact iTunes version offered by Apple and not Microsoft Store.
Here is what you need to do:
- Uninstall iTunes downloaded from The Windows Store.
- Reboot your PC.
- Launch WALTR 2 and install drivers when prompt or if iTunes is needed, then only download it from Apple’s official page using this link: https://www.apple.com/itunes/download/win64
- Try WALTR 2 again. Should work like magic now :)