Since upgrade to macOS 12.6.1, mds process is running non-stop
Yesterday I upgraded my M1 MacBookPro to macOS 12.6.1. Ever since then, the external drive I use for Time Machine backups has been grinding away, and ActivityMonitor shows that the mds process and several mdworker_shared processes consuming a high percentage of the CPU cycles. I believe this means that the OS is running Spotlight indexing on the drive. This is taking way longer than I would expect (20 hours at this point) for a 4-TB drive (which has 3.2 TB available). I'm concerned that something is broken, but I don't know what to do about it.
I tried rebooting the Mac, but the processes resumed after the reboot. I also tried adding the drive to the "Prevent Spotlight from searching these locations" list in Spotlight Preferences, but it wouldn't allow adding a "Time Machine backup folder" to the privacy list.
Any suggestions for what else to try or whether I should even be concerned?
MacBook Pro 16″, macOS 11.5