I'm having the exact same issues. Up until recently the connection has been fine but the last few weeks have been infuriating, not to mention partly due to the uselessness of the VM support team on the issue.
Where I play playstation has been a bit of a dark spot since getting VM so I have been using a power line adaptor to connect and have had no issues until recently. Constant spikes in latency and randomly disconnecting from the wifi for 5-10 minutes. I've tried multiple corrective measures such as setting up a static ip address, opening ports, purchasing a new powerline adaptor in case the one I had was faulty but still the same issues. I've read in some forms that the VM super hub 3 may be to blame but I have no evidence to support that.
If you manage to find a solution, I'd love to hear about it.