Same here on Redmi Note 7. I've bought it about 2 weeks ago (officially distributed in Poland) on global rom - Netflix was working. Today i've unlocked bootloader and installed latest xiaomi.eu rom (9.7.18) and Netflix stopped working. Play store is reporting this app as incompatible and after manual apk install i have the same error as on screenshoot in first post. Magisk is passing SafetyNet.
Solved by installing latest version of Netflix from APK mirror - before i've installed apk which is provided on Netflix's support site.