So I left it in its frozen state for a little over a day, during which the estimate went up to tens of thousands of hours for a while (for perspective, this was using USB-C connection speeds, so anyone with the same issue using wi-fi would probably have to wait the equivalent of weeks, assuming the speed drop is proportional rather than absolute). It finally went to a screen which basically said the migration was complete, but that a bunch of files couldn't be completed.
It was a mixed bag of items with no obvious through-line, including some basic system preference settings as well as fairly 'safe' and inexplicable items like VLC Player, which I'd only installed a few weeks earlier.
So anyone wired in directly to an external drive can probably wait the problem out, but I don't know if that applies for people using wireless or running as a computer-to-computer migration.
IF Migration Assistant is "stuck", perhaps the alternative is to do a "manual migration".
Takes more time, but should produce acceptable results.
The reason I avoided this is that I have a bunch of large VSL libraries, many running through Kontakt, which are notoriously difficult to get operating properly even when they're legitimate licensed versions as mine are. It's a real house of cards, as I'm sure many on here will agree.