Although it is possible that the Mac Studio is the important factor here, I am much more likely to blame Wi-Fi interference (on top of the complexity of this setup) as the culprit. That is not helped by the Wi-Fi Antennas on the Studio being on the Bottom of the case.
Consider flipping the Studio on its side or upside-down for further testing. This model does NOT rely on any chimney-effect cooling, so it is position-agnostic for cooling purposes, as long as the rear is clear for hot air to exit.)
USB peripherals are of all kinds are notorious for causing Wi-Fi interference, and Displays are MAJOR contributors to cases of Wi-Fi interference. in addition, modern Macs may choose a different Wi-Fi channel from the main one for awdl -- Apple Wireless Direct Links addressing of peripherals. In crowded "network neighborhood" there may be other Routers on that channel:

My main Wi-Fi network is Bennet-AlderAssociates, currently on channel 44.
The entry under awdl0: shows that an additional channel (149 shown as the Airdrop channel) will be used for Apple Wireless Direct Links, and it may or may not be noisy.
executive summary:
It's really complicated.
In case of trouble, USE A CABLE