Tested 12.4 and 13.5 on M2 MBA, sounds just as bad, so this has been going on for a *long* time now.
M1 MBA does not have this problem, nor does M1 MBP 16". This might be an M2 MBA specific problem. It is very, *very* obvious if you just play a 300Hz sine with any random frequency generator website and crank the volume up.
Upgrading to Sonoma now, but I doubt they fixed it... it seems this has *always* been broken on at least the M2 13" MBA.
Edit: Still there in Sonoma.
@marcan It is present on Sonoma, I'm hearing it right now