Resolved (maybe?)... looking for someone else to test and verify on their end.
So the last beta did not resolve my issue and in my discussion with Apple today I'm not sure there was any expectation that it would (but it seems for some people it did). After several more tests today I was asked to verify all of the HDMI cables and the wiring setup. I have a lot of HDMI cables, some big brands and some no-names, but all of them always pass the test for 4K, 3D, etc using my Xbox, TV, and projector.
Anyway, I swapped out the cable on my AppleTV for a branded cable that I knew was high speed and certified. Well that seems to fix it. I tried the new remote, the old remote, my AirPods, and flipped between several different video settings from 4K HDR to 1080p SDR. Everything worked great and the range on my AirPods was similar or better than the 4th gen AppleTV.
I'm still waiting to talk to Apple again later today, but I think this was it for me. Maybe there was a software fix, maybe it was just bad cables, or most likely it was some combination of the two.
It would be awesome if someone still having issues would double check their HDMI cable and ensure that they are using a certified high-speed cable. Would be great to know if this is really an issue or just a weird quirk for me.