Aaand here's what 1V0 looks like with a coaxial probe soldered directly across the bottom of the BGA.
Amazing what a difference you can get probing at a slightly different spot in the PDN.
The high frequency spikes are completely gone, 7.7 mV p-p and 1 mV RMS ripple. Still dominated by 125 MHz from the digital core of the PHYs.