It finally warmed up enough to venture outside and test whether my quads exhibit the same behavior, which they do.
My GPS/Mag modules appear to be genuine DJI units, rather than clones.
The oscillation is east/west, regardless of the heading of the aircraft, and increases amplitude until the GPS assisted flight mode is switched off. This includes RTB mode. It appears that the vehicle overshoots, corrects, overshoots the other direction, etc., etc., which seems consistent with delays caused by data smoothing.
I've read the issue tracking details, but I don't have the experience or expertise to even understand the discussion there.
As long as I can switch off the GPS modes and regain manual control, it's more of an annoyance than a serious problem, but I hope this info helps.