I've got this exact same issue, on multiple Macs, iTunes fails to play or download the file but on iOS devices it works fine.
The full issue for me seems to be the Songs are in a matched and downloadable state, but no longer available on iTunes Store or Apple Music perhaps, and iTunes tries to download from those places, where as the iOS devices use some other iTunes Match/iCloud Library server.
I haven't yet sniffed my network to see the end points each device is hitting to compare but I'm guessing they are different.
I have also contacted iTunes support using the Support path of
Product iTunes Store
Support Category Connecting & Downloading
Support Topic iTunes Match
and they did email me back with some not useful generic support articles and told me to contact Technical support team. Pretty sure I just did buddy thanks for nothing. Maybe contacting the apple music/icloud library support team might help.
All my songs were originally matched via iTunes Match years before Apple Music and the iCloud Library were around, not sure if that's part of the issue or not. I'll update here further if any support contact actually helps out.