I have tested this extensively, and it is definitely an Airplay 2 issue. I have two HomePods and two ATVs, one 4K and the other latest 1080p version. When playing music to all four devices using iTunes on my MBP and selecting each as a speaker everything is in perfect sync - always. When I attempt to stream the exact same music from my iPhone 8 running iOS 11.4, the two HomePods are in perfect sync, but the ATVs aren't. What's more, the amount that the ATVs are out of sync with the HomePods varies quite a bit. Sometimes it's nearly in sync, but more often than not it's off by enough to make everything unlistenable.
This is not an issue of HDMI latency. There is something wrong with Airplay 2. Using the "old" Airplay method of streaming to multiple devices from a Mac running iTunes works as it always has - everything in perfect sync (with the occasional dropout anyone who's used Airplay is used to). All of my devices are running on the same network using an AirPort Extreme with the latest firmware.
It's a shame that after waiting all this time for Airplay 2 that this is happening.