Hmm, I need to also thank you @myersrj
Ubuntu 20.04, kernel 5.4.0-53, CPU Ryzen 5 3500U, wayland here. I have now connected two Full-HD screens via the docking station. Everything works flawlessly, no audio glitches and CPU usage by displaylink stays between 5-20%, which is completely acceptable.
Interesting fact is that I actually tried AMD-distributed driver few weeks ago (the same version), but it was not working properly. Recently I disabled the "legacy boot" on my machine in order to fix different problem with black screen on boot. Seems like it played some role in fixing my problem.
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