Yeah, I think we're (likely) getting off on a tangent here with the speeds because nothing about the Channels app indicates there is a network speed issue, but... to put this to bed:
Ethernet
- Speedtest App on ATV using Ethernet: 94Mbps up, 94Mbps down (it's a 100Mbps Ethernet port)
- Port 57000/speedtest on Ethernet with no other apps running and nothing streaming to Channels: 20Mbps-40Mbps (varies wildly, almost like the app itself can't keep up)
Wi-Fi
- Speedtest App on ATV using Wi-Fi: 351Mbps down, 399Mbps up (I'm on gigabit fiber)
- Port 57000/speedtest on Wi-Fi: 210Mbps reported
No other apps (Plex, VideoStation, Infuse, Apple TV+, Netflix, etc) have trouble with stuttering on this Apple TV or network. It really is limited to channels only. AND... if I'm streaming to my M1 Pro-based MacBook Pro, iPhone, or iPad (all running the Apple Silicon app), I can stream at full bandwidth and not experience any stuttering.
So it's Channels (only) on this Apple TV (only), and I'm pretty confident that the network is solid.
I wish there were a way to look at Activity Monitor on the Apple TV to see if my theory about Channels just hitting a CPU wall is correct.