I am using a six-antennae Synology RT6600AX router (Wi-Fi 6) that is about 20 feet in another room with dry wall separation. The firmware is current. It is broadcasting 802.11ax and the recipient is my M4 Mac Mini Pro. The mini is on its side, principally for better access to the power button.
For the same SSID, and Wi-Fi channel 140, I have seen speeds fluctuate between 94 Mbps and 1300 Mbps at 5Ghz @80Hz, and occasionally, 160Hz. I seem to have no control over this behavior with the current configuration. I cannot relocate the router due to the confluence of household network cabling at its location and in this corner of the house, I have no Ethernet cabling to the mini. My cable feed is usually consistent at about 350 - 400 Mbps down.
If I reconfigure my Netgear Nighthawk M6 (MR6550) Mobile Router to transmit Wi-Fi 6E and use its dedicated SSID, the mini will show connections at 6Ghz, 160Hz with Tx varying from 1200 to 2700 Mbps. This is through a T-Mobile 5G UC cellular data connection at 2-3 signal bars. This device uses the Qualcomm X65 radio, same as in the iPhone 16 Pro Max. The distance between the Netgear and mini is about 1 m.
So, two different network devices, ranges, and network service providers, sending Wi-Fi signal to the mini with variable Tx rates. That suggests to me that the Wi-Fi radio in the Mac is the source of the signal reception fluctuation and related hair loss.
Co-incidentally, the above Wi-Fi fluctuation with my Synology router also is observed on my 2020 MacBook Pro M1 Pro still running Sequoia v15.7. The M4 Mac Mini didn't behave differently when it was running this version of macOS or the subsequent Tahoe 26.0.1.