One of the YouTube comments pointed out the issue is most likely the lack of support for SMB Direct (RDMA) in macOS. Would be nice to repeat the test on a Windows/Linux laptop.
I found that SMB on macOS is just bad. If I try to heavily load it (e.g. by doing mass conversions in my Audible library), it can cause stalls and disconnections.
I managed to find a set of parameters (in /etc/nsmbd.conf) that makes it work more-or-less reliably by trial-and-error: dir_cache_off=yes, file_ids_off=yes, notify_off=yes, mc_on=no.
It's still terrible, though. It's so bad that Linux in a Parallels VM works _better_.