Same issue for me, all video participants have jittery video with out-of-sequence video frames. macOS Monterey 12.6, MacBook Pro 16-inch, 2019, 32GB RAM, 2.4GHz 8-core intel core i9. Microsoft Teams Version 1.5.00.33356.
I have tried the rm -r deal, uninstall and reinstall of Teams, and this issue has persisted for weeks. Unfortunately this issue literally makes me nauseated and sick; much more so than playing Population One, a real time shooter game in the Quest 2 (Virtual Reality headset).
Using Chrome at teams.microsoft.com completely resolves the issue, so I'm quite sure it has nothing to do with my hardware, which is way above average (32GB RAM + 8 core machine + a Poly Studio P15 camera). Same issue for at least one of my colleagues on a similar set up as well.
Microsoft, please fix soon so we don't have to feel sick using your team productivity app. Would also be nice to have a legitimate site to download an older version from while this is being fixed.