As MaximusDickus mentioned, we are getting the update next week that should fix these issues regarding lag, server hopping, etc.
Every console player has been waiting for this update as most others who you have seen play it on YT are usually the PC players (that will always be ahead of us on updates) and or console as well. They make the most out of it because they find something to make content out of and yet I enjoy watching any of their vids just like you. It gives me hope that the devs are working their hardest even though they're trying.
I do agree that I did spend the money that wasn't worth the price of what is still a broken game, but the devs are at least doing what they can. Even if it means having their communities ask for refunds or just rant about the same ol' issues we have as well.
My console setup is the same as yours, with great connection speeds on either ethernet or wifi and yet I'm also met with your same problems with lag and all when assets need to render in.
I have a Asto A10 wired headset that I connect to the controller and I have no issues with the audio on my end when playing unless the game decides to cut off the audio on its own at random times.
Other than that, my only guess is to close the game and restart to fix the above mentioned that you stated. Not 100% sure but it's a start.
You'll enjoy the game at your own pace as most others will not. Just don't give up what you expect out of it.
