First thought is the bluetooth problem: tried everything related but not working at all. After a few trial and inspection, it seems that the thumb button of MX Master (located at side and pushed down by the thumb finger) is stuck, causing the mouse pointer not able to move smoothly.
Disabling the thumb side button in Logitech Options won’t help. It turns out like a hardware interference not a software driver setting.
This Inkandescent’s post and this operation guide will help fixing it. But the pull-up workaround in the first thread doesn’t work very well, so buying the T5 screw driver and loosing the thumb button board screws will be the final fix. Of course, the thumb button now won’t work anymore.