In my experience, just fine. I recently ran a large (~30k) marathon and my AirPods and watch never glitched once, streaming the whole time including in the packed start corrals. I had the same thought about RF contention, but Bluetooth didn't seem to care.
The amount of data needed to send audio to your ear-buds is quite small compared to the spectrum available, so only needs tiny slices of spectrum and for relatively tiny slices of time. And also relatively tiny amounts of power since it's only going max 100 feet, hence a pretty small chunk of space.
If all those 10K-30K devices are constantly jumping around the frequency band to transmit tiny payloads a tiny distance, then a whole metric fuck-ton of them can interoperate in what seems to us to be very tight quarters. But to those specialzied radios it probably seems like a fairly wide open field.
