Just for the record, I am not experiencing anything like that. Channels and all the media are on an a Thunderbolt 3 (USB3.1) connected external disk formatted in OS Extended. Wouldn't think that the exFAT would make any difference as I don't think the demands are that high on the disk. But who knows? That is the only difference I see off hand.
Some other info if it helps to narrow things down:
Mac: M1 Mac mini (base version) running headless. 1GE connected to the same switch as HDHR5-4K. Nothing else running on the Mac except Apple Music, a small server (iTunes-api) and TimeMachine for backup.
Channels: DVR 2021.10.25.1801 with TVE (Spectrum), Pluto, STIRR, and 15 virtual channels in addition to the HDHomerun. 8 clients (all ATV with a mix of HD and 4K)
Happy to help if I can, if there is something amiss with Monterey, I would certainly want to understand. My only other thought is if you have a new install, sometimes spotlight will chew up a lot of resources as it builds its indexes over the first couple of days.