I’m experiencing the same issue with my Mac mini M4 and an 18TB USB-3 external HDD (in a third-party enclosure). Playback freezes intermittently.
Some replies here suggest this is ‘user error,’ but it’s a real hardware/driver compatibility problem. This isn’t just ‘buffering’—it’s a systemic issue with high-capacity HDDs on M4 Macs. If others have found a working fix (e.g., specific enclosures/drivers), please share!