Home Sharing Broken in iTunes 12.4.1?

A number of people have reported that iTunes Home Sharing is no longer working for them from one iTunes library to another, or from iTunes to an iOS device. I’ve encountered this myself. When I try to load one iTunes library on my other Mac, I see this:

Home sharing broken

The gear spins for about a minute, then the display just returns to the previous iTunes view.

Tonya Engst, who is editing an update to my Take Control of iTunes 12: The FAQ is seeing the same thing, and a handful of people have posted on Apple’s forums describing this issue.

This does not affect Home Sharing to my Apple TV, so it seems that there’s some sort of bug in iTunes that affects sharing a library to another computer or iOS device. Is anyone else seeing this, or is Home Sharing working for you?