Hi there,
The usual approach when moving an iTunes library into Catalina or later is to copy over the iTunes folder, then hold down option as you launch Music so you get options to choose or create a new library. The choose library option should allow you to access and then convert your old .itl file into the new .musiclibrary format, retaining all of your music and playlists. It seems that process doesn't work for reasons in Monterey 12.6 and Music will hang on a spinning radian until you quit it. It is possible to import the media into a new empty Music library, but doing so loses ratings, play counts, date added, playlists, etc. A workaround is to convert the .itl file in Catalina or Big Sur, or upgrade to Ventura. The corresponding media folder isn't needed for the library conversion. Should you need to convert the library, and don't have suitable hardware for the task, or a friend that can help, I'd be happy to do it for you. Send me a link you your .itl file in iCloud Drive, OneDrive, Dropbox or similar, and I will return the converted library in a similar manner. I've done about a dozen so far. My email address is in my profile.
tt2