MacBook Pro 14" M2 w. Studio Display - Static on Headphone Jack

I've got a new MBP 14" M2 with a Studio Display. I use external audio monitors for sound on this setup, using the headphone jack.

On this new setup I'm getting a low level of variable static and fuzz on the headphone jack when the display is plugged in (regardless of whether the power adapter is connected or not. When the MBP is running on battery or power adapter only, the signal is clear. This entire setup is running on a UPS.

This same setup has worked beautifully for years with my iMac 2019, and iMac 2012 before that. I'm up to date on all devices, including the display.