I’m also experiencing this.
It plays totally fine on my iPad (current gen) via Infuse, but on my ATV 4K Gen2 it stutters like nuts on every frame rate and resolution I tried it on (I tried every variation of 1080/4k, 60/50/25fps.
Match frame and range settings make no difference.
1080p 25fps content is broken.
EDIT: The content plays totally fine via the VLC app.
EDIT: Correction, it plays with stuttering in the iPad too. Have to use VLC there too
I’ve noticed something similar on my 3rd gen AppleTV 4K, but unfortunately I can’t seem to reliably reproduce the issue. Sometimes it feels like it only happens after watching a couple of episodes continuously in a row like maybe it’s a memory leak? In my case, it will stutter and sometimes the video will just freeze up entirely even while the audio continues to play.