Michael, my attempt to report the issue to HP ends in the following: "We are convinced it's a problem with the monitor. We can reset you laptop to factory defaults which will erase all data from your system".
As a former HP employee I have serious problem with such a statement. I might try another equivalent laptop (my wife has one too - exactly the same) to see if the problem occurs also when I connect the {Philips monitor).
For the time being I consider not to install updates from HP Inc. - SoftwareComponent through Windows Updates optional software until HP releases another version of their hp-telemetry-peripheral-collector. Or alternatively keep changing names of hp-telemetry-peripheral-collector_ver_3.0.4737034