Can't load iTunes Library from Mojave into Music app in Monterey
I have my 370gb iTunes Library on an external hard drive which was working fine with iTunes in Mojave. I reluctantly upgraded my iMac to Monterey and am unable to get the iTunes library to load in the Music app. I can only see the music I purchased with iTunes.
I tried loading the library by opening the Music app while holding down Option and Shift. When prompted to choose a library to load I navigated to my external hard drive and chose the .itl file. From there the Music app just continues to say "loading..." but never actually loads anything. I left the computer on for more than 24 hours (disabled sleep) and still nothing happened. When prompted where to save the new library (Music Library.musiclibrary) I've tried saving on the external hard drive and also on the iMac hard drive. Both have yielded the same results (i.e. perpetual "loading...").
I'm looking to not only have my music loaded but my playlists too. Thank you in advance for any help.
iMac 27″, macOS 12.6