Hi @dh800
Welcome to the Sonos Community!
I can see the events in the logs which are reported as underflow errors - this means the stream provided to Sonos over the HDMI cable is being interrupted. Given that this only happens with stereo PCM, it cannot be a cable issue, nor a cable/socket connection issue. Nor is it a configuration issue - other formats play, and stereo PCM is supposed to be a reliable fall-back.
It may be worth disabling the TV’s eARC setting - if your main source of content is streaming services like Netflix, then you’re not going to receive uncompressed audio and therefore ARC will be sufficient - even for Atmos - and possibly less prone to issues. If this does help, I recommend you get in touch with Philips support in regards to why.
If you can, I recommend returning the new cable for a refund - for Sonos, only the audio is important and we therefore only require a HDMI v1.9 cable. No 4K picture is carried over the cable, which is what HDMI 2.0/2.1 is needed for.
I hope this helps.
Edit; Changed HDMI 1.4 to 1.9