Thank you Wallsy.
Server: Mac M1, running v0.8.4-beta-osx-arm64
Media: Synology NAS, connected via ethernet as an SMB share
Client: AppleTV, connected via ethernet, using "IPTVX", however I have also tested this via VLC on my Mac that is connected via ethernet.
Client, Server and Synology are therefore all connected via ethernet via a ubiquti switch.
Can you share your ffmpeg profile? Also, are your media files connected to your server locally, or at least via an external hard drive? I guess I could try that next to see if there is a difference vs. the NAS.