I believe I may have experienced something similar to yourself. While I would describe mine as a type of “squelching” it was more of a sharp metallic scratching sound and that would fluctuate, especially during higher frequency and louder sounds.
For me this was resolved by switching off LHDC, but was permanently resolved in an update that came out not too long after.
If you haven’t already done so, make sure your firmware is up to date and experiment with LHDC settings.
Failing that I would suggest getting in touch with support.