Unfortunately we’re not able to analyse networking issues that occur externally on consoles (it’s incredibly complicated). This means, unfortunately, we can’t look ‘behind the scenes’ in your case to see why this is occurring. I do suspect this is more of a local issue as it’s come on so suddenly without the introduction of a new patch or any backend changes. At least on PC, the CONNECTION TIMEOUT
error is often router-related - could you perhaps hook your console up to a mobile data connection to see if the issue persists? (Not a solution, but part of the debugging process)