Same problem here with my iPhone 12 Pro. Most recent update (15.6) did not fix the problem. I think the problem got even worse with the update. It is annoying and destroys the listening experience. I have tried all the solutions explained on this thread with no luck. Tried also restoring my iPhone to factory settings. No success. Same result.
It is worth to note that problem only shows up when streaming music on mobile data (I normally use Apple Music). It never
happens when connected to Wi-Fi, at least in my experience.
This problem happens when playing sound through headphones, CarPlay (2 different cars, same problem) or with phone speaker. It always lowers the music level for a period of 20 seconds and then goes back to the previous level. This happens about 4 times each hour in my case.
My son owns an iPhone XS and is starting to have this problem. However, not as often as my iPhone 12 (he gets the lowered volume on music about once per hour, also on mobile data).
Any other ideas or workarounds to try until a fix is released by Apple?