Difficulty with Time Machine back-up: "Preparing backup..." appears stalled
Have set up an external SSD for Time Machine in Mac OS Extended (Journaled) format, the partition dedicated for Time Machine is 500GB. My files for back-up consume 192GB of the 1.12 TB Macintosh HD hard-drive. I'm running macOS Catalina 10.15.7.
The estimated size of full backup is 578GB; I am unclear on where this estimation comes from. Does Time Machine also backup Cloud files? Time Machine has been "Preparing backup..." for some hours now and does not appear to perform the backup.
Oldest backup: None
Latest backup: None
iMac Line (2012 and Later)