I've been experiencing the same issue on my 2022 M1 MacBook Pro (with OS 12.3.1, 12.2, and previous versions). Based on this thread, I started searching Console for "CAReportingClient", and an entry like this appears consistently every time I hear the glitch. I've noticed it on Spotify and Music.app. It seems to happen most often when I close a Chrome tab.
CAReportingClient.mm:508 message {
"HAL_client_IO_duration" = 1087958;
HostApplicationDisplayID = "com.spotify.client";
cause = PageFaultsOnIOThread;
deadline = 124749382;
"input_device_source_list" = "";
"input_device_transport_list" = "";
"input_device_uid_list" = "";
"io_buffer_size" = 512;
"io_cycle" = 9713;
"io_cycle_budget" = 12358250;
"io_page_faults" = 1;
"is_prewarming" = 0;
"is_recovering" = 0;
"issue_type" = overload;
lateness = 8;
"other_page_faults" = 34;
"output_device_source_list" = Headphones;
"output_device_transport_list" = BuiltIn;
"output_device_uid_list" = BuiltInHeadphoneOutputDevice;
"safety_violation" = 1;
"sample_rate" = 44100;
"scheduler_latency" = 11093791;
"smallest_buffer_frame_size" = 512;
}: (
1782411428173
)