I believe this issue can be closed. I’ve been able to reproduce with just Roon (HQPlayer not running), as well as HQPlayer (Roon not running). I’ll provide more details here for posterity, and to provide some things to try for others running into similar issues.
This is looking more and more like a network issue, or an issue with Mac’s scheduling resulting in CPU cycles being taken away from player software (Roon and/or HQPlayer), or both
Nothing is running on the Mac other than these two pieces of software. All other services are disabled (wifi, bluetooth, airdrop, etc.)
I don’t have much control/insight into scheduling, so the only thing I can really investigate is network.
For those interested, some preliminary findings wrt network topology:
TL;DR;
- Switching to BlueJeansCable reduced the frequency of dropouts, but not entirely
- Cutting the ASUS AX XT8 router out of the chain made it worse (hypothesis: Cisco 110-5T-D is underpowered to handle 1.5Mhz bitrate + additional network traffic)
- Switching from Holo Red OS (running performance mode with NAA only) to a dedicated NAA OS 5.0.0 image improved further (chatting with Jussi of HQPlayer points to this indicating an issue with lack of 802.3x support in the ASUS router)
Notes:
- BJC=BlueJeansCable
- I’m using a NetworkAcoustics MuonPro streaming system between switch and streamer. I’ve tested extensively with this and standard BJC Cat6 and no change in dropout rate, so I’ve left it in because it sounds significantly better
Initial problematic setup:
Mac Mini → BJC Cat6a (1’) → ASUS AX XT8 → CableMatters Cat6 (14’) → Cisco Switch → NetworkAcoustics Muon Pro → Holo Red (Red OS 2024.04.21 w/ NAA 5.0.0)
Result: Dropouts every few minutes
Test Setup 1: Skip the ASUS router 
Hypothesis: Lack of 802.3x support in ASUS router causing network issues. Bypass this and only use the Cisco switch which does support 802.3x.
Chain: Mac Mini → BJC Cat6 (2’) → Cisco Switch 110-5T-D → NetworkAcoustics Muon Pro → Holo Red (Red OS 2024.04.21 w/ NAA 5.0.0)
Result: Surprisingly much worse, dropouts every minute or so. I have no idea why this could be the case since I simply cut 2 parts out of the chain.
Explanation? Maybe something to do with the fact that the Cisco switch was now managing both internet connection as well as from computer to streamer. It’s not a particularly powerful switch, so maybe running into hardware limitations? In any case, this is just straight up unusable.
Test Setup 2: Replace CableMatters with BJC 15’ long run 
Hypothesis: Per Is Your Cat 6 Cable a Dog? -- Blue Jeans Cable it’s entirely likely that my previous Cat6 cable was not to spec and thus there were limitations in the cable.
Chain: Mac Mini → BJC Cat6a (1’) → ASUS AX XT8 → BJC Cat6 (15’) → Cisco Switch → NetworkAcoustics Muon Pro → Holo Red (Red OS 2024.04.21 w/ NAA 5.0.0)
Result: Better than initial setup. Listened to a whole album with only a few dropouts (<5).
(FINAL) Test Setup 3: Same as #2 but with dedicated NAA OS 5.0.0 on Holo Red
Hypothesis: Red OS w/ NAA is not as performant as a standalone NAA OS image. Lack of 802.3x support in ASUS router could be improved by dedicated NAA OS 5.0.0.
Result: On day 2 with only a single dropout.