In the present paper, we analyze in detail the spectral features of the matrix sequences arising from the Taylor-Hood $\mathbb{P}_2$-$\mathbb{P}_1$ approximation of variable viscosity for $2d$ Stokes problem under weak assumptions on the regularity of the diffusion. Localization and distributional spectral results are provided, accompanied by numerical tests and visualizations. A preliminary study of the impact of our findings on the preconditioning problem is also presented. A final section with concluding remarks and open problems ends the current work.
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