Music stops playing in 14 seconds

I just purchased a new MacBook Air (M2) and set everything up including iCloud.

Everything seem to be OK, but iTunes music aren't playing properly.

I have both an Apple Music and iTunes Match subscription, and all music is in sync across devices. The problem is that on this new MacBook Air, all the music does appear but play only the first 14 seconds and stops.

In about 23 seconds after it stops, it will suddenly skip to the next music, but then will stop again at the first 14 seconds, until it skips to the next music 23 seconds after. It's just repeats this over and over again - can't listen to a single music at all.

This only happens if you have it set to allow streaming with ALAC. If you have it set to stream in AAC, the music plays as it should, but with a loss of quality.

This is my first Apple Silicon Mac, but as a Mac user for 30 years, here are some basic troubleshooting I've done but with no effect whatsoever.

• Restart Mac
• Trying to boot in Safe Mode
• Repairing disk permissions
• Logging off and back in to iCloud/Apple ID
• Checking Internet connection
• Trying both Wired Ethernet and WiFi
• Deleting the Music Library and creating a new one from scratch and resync
• Since it's a new Mac, also tried wiping out the whole drive and reinstalling macOS from Internet Recovery mode but to no avail.

So I'm quite sure it's not something like "try restarting your Mac" "Make sure your Mac is plugged-in" type of solution could resolve.

Searching on the web reveals this '14 second' problem seems quite widespread, yet Apple isn't admitting this problem and senior support experts are apparently silent on this issue.

I'd like to hear from anyone who've found a solution to this problem - I think it's quite unacceptable considering the fact that iTunes Match is a pay service.