A new update in my Penrose saga.
So I tried following the advice in this ticket regarding wireless stability:
https://audeze.zendesk.com/hc/en-us/articles/360050582971-Troubleshooting-wireless-stability-issues
I still think it's kind of nuts because I didn't have to do this for my Arctis 7p or Pulse 3D, but I'm growing to enjoy the audio of the Penrose enough that I'm willing to jump through some hoops to get the connection to work.
1) I connected it directly to my PS5 and not any USB hub. At first I tried the USB 2.0 port in the front as it's what Audeze originally recommended, but I had a lot of issues with this (some people have said the PS5 doesn't supply enough power to that port). I then connected it to a rear USB port directly and that seemed to work better.
2) I have clear line of sight with the dongle (nothing new, this was always the case even when I had constant dropouts).
3) I turned on my Penrose and then reset my mesh wifi router so that it could ideally use a less trafficked channel. I messaged Audeze support to inquire which channel their dongle uses, but haven't received a response yet. I noticed that my wifi router changed from channel 7 to channel 1 upon reboot.
4) Unfortunately I cannot disable 2.4ghz wireless since many of my smart home devices only accept 2.4ghz (come on Ring, get with the program). But I did disable my 2.4ghz network for my guest wifi.
5) I also would disconnect my Arctis dongle when using the Penrose and vice versa. Previously I kept them both connected for easy switching, but apparently that could potentially cause interference as well if they're both using the same channel, I suppose. (Or even different but adjacent channels, since sometimes the ranges overlap)
After ALL these steps, my wireless connection has stabilized! It's still not perfect and it's a sad shadow of the stability my Arctis 7p provides, but it's definitely playable. I played DMC5 SE for 2 hours last night switching between my Penrose and Arctis 7p (but with the majority of playtime on Penrose) and never experienced a disconnect except when I moved to the kitchen. I still do not get any such disconnect with my Arctis, but it's nice that I had no issues during play time. I did notice that the left earcup seems very vulnerable to interference; if I put my hand over the earcup to adjust it, I can get an occasional dropout or static/crackling. Sometimes even turning my head to the left will cause this issue, which I've never experienced with any other headphone. But the good news is I didn't experience any disconnect during gameplay, and just 1 or 2 rare static/crackling noise. HUGE improvement.
This also allowed me to A/B the Penrose and Arctis 7p more in depth during gameplay. Previously because of the constant disconnects, a proper A/B was not possible, and instead I tested Penrose via Bluetooth or 3.5mm vs Arctis 7p over wireless, which isn't an apples to apples comparison. I played the first boss fight in DMC5 SE (Goliath) 6 times total, thrice with the Penrose and thrice with the Arctis. In these cut scenes and gameplay, it was more readily apparent how "muffled" the Arctis sounded relatively with more lingering mid-bass during impacts and explosions. For example, in the cut scene right before Goliath, he throws a mini-van at Nero, which slams into the wall before Nero steps out unscathed. On the Arctis, all these impacts sound the same with exaggerated and generic bass. On the Penrose, the impacts sound more precise with less lingering mid-bass. The vocals are much more apparent as well, particularly when there are other explosions or impacts happening in the surroundings. With the Arctis, they sound a bit muffled, like they are speaking with a piece of cloth over their mouth. It's not that bad at first, but it did eventually get on my nerves. I had no such issue with the Penrose, and the vocals were distinct and clear. Gameplay was a similar story, with the Arctis providing a constant mid-bass rumble throughout the majority of the fight, whereas the Penrose offered more unique audio cues. I'm not a competitive gamer, so image separation isn't my top priority, but these differences were readily apparent when I'd play the fight again and again while switching headphones.
Even something as simple as the title song that plays on the PS5 home menu when hovering on the DMC5 icon sounded different. On the Arctis, it sounded a bit subdued, which I always thought was intentional. But when switching to the Penrose, it surprisingly sounded like normal music.
Oh, and the Penrose does win one point on convenience - for some reason, the Arctis does not switch to the headphones when turned on, or back to speakers when turned off. The PS5 seems to think the dongle is always on, so the automatic switching doesn't work. The Penrose, much like the Pulse 3D, does not suffer this problem. When turned on and connected, the PS5 will switch to the Penrose and vice versa. Not too big of a deal, but still nice. It's kind of dumb that if I ever wanted to use the mic on the Arctis, I'd have to open the PS5 quick menu to switch both the audio output and mic input after turning the headphones on.
All that to say - I'm still a bit conflicted. I've always thought the Penrose were superior headphones with a significant shortcoming in its wireless range and stability. I still think it is inferior in that regard to its competitors, but I feel like I've made it work for my setup. If Audeze could promise stability performances in the future, that would be perfect; for now, I'll need to keep testing to make sure this wasn't a one-off - I'll be somewhat annoyed if I have to reboot my wifi router every time I want to use the Penrose in order to ensure there is no interference, haha. The Arctis still reigns supreme in terms of comfort and convenience, and my ears would probably adjust to the lower fidelity after a while if necessary, but at this point I'm rooting for the Penrose and I hope Audeze can somehow improve its stability issues.