iPhone 16 Pro: WiFi Drops Sporadically

I previously had an iPhone 14 Pro and recently upgraded to an iPhone 16 Pro. When I first got the phone, I noticed that connecting to the 5Ghz band on my router resulted in basically no internet. Switching to the other band of the router makes the internet work, but:

• It is slower
• (most significantly) the internet goes through periods of "no internet connection"

Some other details about my device/internet setup:

1. I've tried the general recommendations (restart modem, restart iPhone, etc.)
2. I do not have this internet issue on any of my other devices (multiple macs, a windows PC, homepods, smart tv).
3. I previously had a work VPN that would turn on when using my work applications. I have since removed the VPN configuration and uninstalled all work applications on my phone. This did not improve anything.

Any ideas on what the problem could be? Is there something I can do on my end to fix it? Is it a software problem with the new iPhone 16 Pro? Is it a hardware problem? Do I need to switch out my phone for a new one? Any help would be appreciated!