There were castes within musicianship; a court singer would be higher in status than a town piper, and those higher in status than some itinerant musicians. Mainly economically; although music in the abstract was not always viewed poorly, musicianship was, in a society that generally looked down upon manual labour, and particularly then manual labour that did not result in tangible products.

Out of those itinerant musicians were extremely low in status. For starters here in Sweden, the 13th century law code of Västergötland reflects this (social status and legal rights being strongly associated in hand in the Middle Ages) in its section on 'players:

If a player [musician] is beaten, it is not punishable. If a player is injured, one who goes with a gige or fares with a fiddle or drums, then an untamed heifer shall be placed upon a mound and its rump shall be shaved and greased. And he [the player] shall receive newly greased shoes to wear and hold the heifer by its rump. A man shall then hit the heifer with a sharp whip. If he is able to hold it, he may keep that which he gripped so well, to enjoy as a dog enjoys grass. If he cannot, he must endure that which he was given: shame and injury. He may never ask for greater rights than a flogged handmaiden.

So not only do they largely lack legal rights and it legal to beat and even deal them serious injury, the law code itself goes out of its way to specify how they shall be humorously degraded.

This is not unique to Sweden; in Germany/The Holy Roman Empire, the Bavarian Landfriede of 1244 denied them rights and compensation for injury. Nor was it unique to northern Europe - the 13th century laws of Siena, Italy excluded giullari (jesters) from legal protections against beatings.

Itinerant people, musicians or not, were generally speaking outside of society and outside the Medieval hierarchy. A status they shared with criminals. Hence they were not treated much differently. On the other end you had people like court musicians who had a fixed domicile and could even have property and some wealth; but even there they were typically of the same status as servants (not seldom quite literally servants who had other duties than just playing music)

(This is a pretty short answer but if you want to go really in depth there's for instance Walter Salmen's - The social status of the professional musician from the Middle Ages to the 19th century, 1983, Pendragon Press; which covers the whole period from the Middle Ages up to modern celebrity)