No, this does not seem to have anything to do with either ASIO Guard or Arturia plugins. Upon testing further, I noticed that adding more than two inserts into the effect bus of an instrument or wave channel, the problems start happening immediately. I can’t reproduce this on my M4 Max, only on M1 UltraAll M-Series Macs affected.
The problem occurs as soon as you have a channel window open and then click into the timeline window, causing the “channel settings” window to get hidden while it’s still open behind the main window. As soon as you switch back to channel settings, the stutter disappears.