Netflix no longer able to play content on Apple TV 4th gen

Navigating the Netflix app interface works fine, but when I attempt to actually play content, the Netflix app whirls endlessly, and briefly locks up the entire Apple TV interface. It has been working without problems (for years) up to this point. I was on the prior minor version of TvOS (12.4.0), and I have now updated to the latest, 12.4.1, deleted the Netflix app and redownloaded it, restarted the Apple TV unit again. But none of this has fixed the problem. Other apps are playing content without problems. My Netflix account is fine, I can play Netflix content from my account on other devices. I can also use Netflix on a BluRay player using the same TV and cable type without problem, so I don’t think it’s an HDCP handshake problem - though that BluRay player would be using an older version of the Netflix app.

So my suspicion is that the newest version of the Netflix app is having compatibility problems on Apple TV 4th gen (not the 4K version). Is anyone else experiencing problems with the Netflix app on this model?

—Mike