Hi Masterdance,
In terms of when a new version of iTunes comes out and what I will do, it's hard to say. Ideally it would be best if we were able to determine that Apple fixed the issue before we proceed with updating. From my standpoint using Windows PC, I have more than 1 with iTunes and feel that I can update or roll back again if needed. Quite frankly, I plan to stay put with 12.9.3.3 for as long as I can.
A lot of us have covered various options to convert files and/or resolve the issue over the course of the many posts in this discussion. Some options are better than others. Overall, in my case, it would be a lot of work to try and correct all impacted files to make them play in 12.9.4 and I don't want to spend the time. It would be like a full time job for several days to a week likely. We should understand the issue with 12.9.4 indeed impacts all AAC encoded m4a music files that were encoded outside of iTunes using another program. For those that don't have an extensive portion of their library created this way, perhaps not too much of an inconvenience. Please be aware that some steps that were mentioned to modify files such as changing to wav and back to m4a can be problematic as changing files to wav will strip away all "tags" such as track title, album title, artist etc. which will likely need to be added back manually one by one. Files will look like "Track 01, Track 02 Track 03....." Best to not convert to wav at all. You likely also do not want to convert to lossy formats such as mp3 either and back to m4a as quality can be diminished. As tt2 recommended, I too have sent feedback to Apple. Feedback - iTunes - Apple
I hope they are reviewing all that has been sent to them and will take into account for future iTunes updates. Thanks also to tt2 for all the advice and direction throughout. It has helped me. To others, see his posts.