I've been having this issue as well for the last few weeks, but up until now I had a message of Network Connection Timed Out, as opposed to only today having Error 8392, and that made find this thread...
In a way I'm happy because I thought it was only me having this issue!!
I have to agree, Apple's updates lately have all been very hit and miss. iOS updates on the devices themselves require multiple attempts until the update actually starts, then they can take a long time despite fast internet connections, and now this whole crap with iTunes...
Just saw on Reddit someone suggesting the following Terminal command:
sudo softwareupdate --clear-catalog
could help.
Has anyone tried it?
Apple support was also completely clueless about all of this...