A quick update on this.
It turns out that reception of multicast UDP packets on the iPad over ethernet works as expected using NWMulticastGroup. I can't really explain what caused the issue I ran into last week.
Interesting point, it seems that the com.apple.developer.networking.multicast entitlement is not needed in this case. When the multicast entitlement is not set and a first multicast connection is created, the app shows a one-time alert asking for permission to use (listen on?) the local network, and then udp stream reception works.
So the exact use cases and platforms where this entitlement is necessary are still quite mysterious to me. :-)
Anyway, now, our video stream receiver app works well on iOS, tvOS and macOS.
Thanks @eskimo and @meaton for your help!