Update from me - from input on another forum, tried setting the shield to 1080p with no HDR.
Everything worked.
Then (on another hunch) reduced the HDMI video output on the Denon 3900h to 'standard' (it's a new thing on the Denon - standard restricts you to basic 4k with no HDR).
This lets the shield run at 4k 60hz, but with no HDR.
Again - all stable. Can switch inputs no problem, everything seems to work & stay working reliably. No video on off cycling, no sound but no video, no weird corruption on the Denon LCD display.
Switching the HDMI video output mode to either of enhanced or 8k enhanced on the output connected to the shield gives immediate on/off cycling, or black screens.
At this point all cables have been switched out (no change), CEC enabled / disabled across the full chain (no change). Direct connection between the shield & the TV - everything works fine. Taking the Denon 3900 out & replacing with my 12 year old Denon 4200 - everything works fine.
So - as long as you don't care about HDR - you can set the video output mode for the individual HDMI connector for the Shield to be 'standard' & it works.
That sucks - hearing similar issues now from multiple people with the 3900h, my gut feeling is that there is a firmware issue affecting all of them - I think the brand new HDMI implementation in this unit is either faulty in some significant way, or suffering from early firmware. Multiple reports of failure with the shield when using high bit rate (10 bit / dolby vision) & other DV fails.
Either way, mine being replaced by the retailer tomorrow - will feed back here if any change.