Thank you for your responses! I went to the plant store with these same pictures last week and showed the associate to try and get at little information. It wasn't until I showed the picture of the specs on the rope that the employee said she suspected it was some sort of fungus/infestation. I've been treating with Neem oil for just over a week now and it feels like the sickening of leaves might be slowing?
The only reason i'm hesitant to say that these are mealy bugs is because I've looked pretty closely at the plant (especially now) and don't really see those distinct furry little pests (based off what I've seen online).
I have however started to notice small black circles on the leaves, though I'm unsure if these are distinct markings or just general decay. Googling shows several different potential causes - Botrytis fungal infection, Erwinia carotovora bacterial leaf spot disease, or shoreflies. It's kind of overwhelming trying to consider all the different options.
I will definitely try cross posting this to the Hoya forum to see if they have any extra advice.
Thank you again for your assistance and let me know if you have any other suggestions!!