I believe I am having similar issues as well. My Pico Neo 3 is connected through wifi6 with in arms length away from the router and I seem to get bursts of frames freezing for about a second or two before it is smooth again for a couple of minutes.
Checking the stream connection average with in 7.2.0 Streaming Assistant I get around 500-600 Mb. Checking steam render times my computer is able to render the frames out in time(Although still old hardware GTX1080)
During the frame freezes they aren't picked up in the timing graph so I guessed it maybe have been the connection between the router and the Pico. Changing the stream quality from Fast,Standard or HD still produces the same frame freezing.
I also tried rolling back to 7.1.2.0 and the problem was still there
Hoping the next update will fix the issue for us.