I saw this problem in Beta 1, and immediately reverted back to Mojave because of it. So I was dismayed to find the problem still persists in the public release.
Like others here, I do actually like iTunes and have spent 10 years crafting it exactly how I want it. More crucially for me, it contains a lot of older content not available online, which have fond memories attached to them. It's no different to a treasured record or tape collection, it's just a digital version of that. I can see why vinyl is making such a huge comeback at the moment. No one can't take your vinyl away from you at will, or randomly reorder your collection for no reason, or swap/delete some vinyl sleeves, but not others, etc.....
....aaaaanyway..... I stuck with it this time and was fortunate enough to not have suffered as badly as others. Memory use remained fairly stable at around 9GB throughout the process with no need to close/reopen Music. My system is an i7 2.6 GHz Mac Mini with 16GB ram, 1TB SSD and my library is on an external Thunderbolt 4TB drive. 10,000 songs, 110GB...... which is probably why I didn't suffer as badly. It took about 40 mins to rebuild the artwork database, with just a handful of stubborn stragglers which may need manual intervention.
We all know computers chug along chronically with 1000s of small files vs 1 huge file, so we can cut Apple some slack for that as it isn't their fault, however, this really ought to have been picked up by QA. Checking application behaviour when it's opened is fairly fundamental stuff, no?
I did notice the memory leak reduces if you leave Music on 'Songs' under 'Library', which is just a text list. If I put it on 'Albums', where it has to draw all the icons and populate with art, the leak increased substantially.
Anyway, sub'd for updates on a fix. Ciao.