Fixed this with the help of Apple support!. Finally! It turns out that Homepod (s) ARE particularly finicky when it comes to wifi. A strong, fast and reliable connection is absolutely necessary for the speaker to work correctly.
With the release of ios 14.2, this has become even more important because a new, directly, ad hoc connection is now possible between an Apple TV 4K and the Homepods has been developed, that allows to route ALL apple tv audio to the homepods, bypassing airplay 2 limitations (ie 2.0 audio channels max, ZERO latency with games and live content), and allow the Homepods to virtualize 5.1, 7.1, and Dolby Atmos (BTW, I was WRONG. If you choose the HP from the ATV control center you are using a regular airplay link, which only support stereo.)
Even though regular stereo sound has been very much improved as well in 14.2, the only way to truly get surround sound is to choose the Homepod (s) as the default speakers, which is NOT airplay, but this new ad hoc, improved protocol between an Apple TV 4K and Homepod (s).
This new protocol is much more taxing on the internet conection than regular Airplay, because it transport so much data in real time. To avoid speed and buffering issues, if you are going to use wifi, you must use a strong, fast 5GHZ AC connection, both in the Apple TV AND in your linked Homepod (s) (this last part was my problem). If you cant achieve that, you must hardwire your ATV. Wifi N wont work even if the speed is enough.
To make sure everything is set up properly, create a separate SSID on your router for the 5GHZ band, and connect your Apple TV to it. Now connect to it the Iphone/Ipad that you used to set up the Homepod (s). Factory reset them and pair them back (if you´re using a stereo pair), with that IOS device connected to the 5GHZ band. This way, your Homepod (s), will use the 5GHZ band to connect to the internet going forward.
Thats it. Set them as the default speakers of the ATV again and run a speed test on the ATV. Your speed should be good now.