TLDR of my (temporary?) fix (May 2024): Reset your Mac's Bluetooth module.**
To do this, launch Terminal with a Spotlight search (Command + Space), then run the following command:
sudo pkill bluetoothd
You then hit the Return/Enter key and Terminal will prompt you to enter your account password for logging into your Mac. After entering the password and again hitting the Return/Enter key, your Mac should reset its Bluetooth module and reboot your Mac.
**Your Mac will most likely reboot and disconnect all Bluetooth devices from your Mac upon running this command in Terminal. So you want to make sure you have a wired mouse and keyboard connect to your Mac before running this command in Terminal.
Or, optionally, you can disable your Mac's log-in password so that it boots directly into macOS without needing a password. You can re-enable your password after trying this fix.
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My longwinded explanation of why I believe this issue is not related to number of Bluetooth devices, or anything on the hardware side:
Whether you experience Bluetooth lag on your Mac seems completely random. It can happen from the day you get your Mac, years into using it, or never ever. Therefore, I believe it's a bug in macOS. Not fixing it after years of complaints has to be some lack of competency or lack of funding for Apple's macOS development team.
I believe this as I've had flawless Bluetooth for my various AirPods and Logitech accessories ever since I got my 8/256 M1 Mac mini in late 2020. Even auto-switching for AirPods between my Mac, iPhone, iPad, and Watch has worked 9/10 throughout the years, which I'm very happy about.
Neither Wifi routers, electrical wiring, house walls, or anything else has ever interfered with my AirPods or bluetooth on my Mac in these 3-ish years of owning an M1 Mac and AirPods. No choppiness ever, no matter how my devices where used or placed, or the number of devices connected.
But now, in late April 2024, I'm experiencing the same issues as everyone in here is describing: Constant choppy audio on my AirPods, that has the audio cutting out or distorting every couple of seconds. This is accompanied by choppy scrolling on my MX Master S3 wireless mouse. Auto-switching between Apple devices still works. But every input from any Bluetooth on my Mac is now suddenly choppy and distorted. All input lags at the exact same 2-3 second intervals, perpetually.
Whenever I switch away from my Mac to my iPhone or another Apple device, the choppy bluetooth is resolved momentarily. It then returns shortly again when I switch over to my M1 Mac mini.
Switching off Bluetooth and using only wired headphones, keyboard, and mice kills the lagging input.
The Bluetooth lag issue has plagued me for 2-3 days in total, trying out every fix under the sun. Only the one I explained at the top of my response worked. However, it didn't fix the issue immediately which leads me to question if the issue was actually solved by resetting my Mac's Bluetooth module or if it just randomly fixed itself.
I don't know if I can like to pages outside of this discussions board without the post getting taken down. But there's a website called "makeuseof" that has a post with more fixes to try out with the title "How to Fix Logitech Mouse Lag on M1 and M2 Macs".