Audio streaming presents a very, very light load in Ethernet terms, and error-free transmission is a given
It is not a given, not by Ethernet. Ethernet on its own does not guarantee packet delivery, nor timing, nor error-free status. You need higher level protocols, which may operate over Ethernet, if you want to guarantee delivery and error correction.
Ethernet timing is indeterminate, because unlike USB there is no central controller managing timing. However, as you point out, it is usually fast, depending on the version. Early Ethernet was under 3-million bits per second, though, which is not really enough for a CD let alone high res. Ethernet does have significant overheads.
You might care to rethink your statement that latency is not important for audio. It is the reason streaming was introduced.
Also most Ethernet network components including routers, switches and gateways do include processors and do a fair bit of work on each packet. They build up lists of Ethernet devices connected to each port and only forward packets to the necessary port(s)

