I have done some extensive testing and it seems like the issue is mostly resolved if I switch the console to 720p. It is quite rare for the screen to blank out.|
I hadn't changed the settings (before the above change) so why the issue started to occur in the first place is still an unknown.
I have played a mixture of ways through component / HDMI and on the TV and monitor. The issue only happened on the monitor using HDMI.
Using HDMI on the TV seemed fine, however.