In a universe as big as ours, some objects are coming at us in our direction and some are going away from us in the opposite direction.
Objects within galaxies would be doing both, as the spinning galaxy would have half it’s mass, figuratively speaking, coming at us and half spinning away from us.
Gravity Waves add another factor.
If a Gravity Wave passes between us and the object, Space would then expand and contract as the wave passes, which might take a million years. The Red Shift would then shrink then expand accordingly.
I think there is more we don’t know than what we do..........................
But, if there is light amplitude and frequency loss with distance then standard star brightness and doppler shift could cause errors.