Most Netflix content has corrupted video since 8.1 upgrade

The issue shown in the video above has started happening on my Pixel C a day or so after upgrading to Android 8.1. It first started happening in the middle of an episode (of Grimm) and ever since, it is happening from the start of any episode of most Netflix content. Downloading an episode and then playing it doesn't help.
Sometimes the first 1 or 2 seconds of video look fine but then it corrupts again. Audio is normal but after 10 seconds the video will stop and it display the error message "There is a problem playing the video. (5.2)"
I've even tried a factory reset of my tablet but the trouble persists.
The poster of the YouTube video states that version 5.5.1 of Netflix fixed it for him but for me this started happening in version 5.11.2.