Used process monitor to check what’s going on when it freezes in that area… I see this just before it happens:

CreateFile

F:\Steam\steamapps\common\Conan Exiles\ConanSandbox\Content\GraniteSDK\Baking\DLC_Siptah_4666_DLC_Siptah_4666_b8c57cf4.gtp

PATH NOT FOUND

Then I see about 100 of these repeating:
ConanSandbox.exe
Thread Exit

Then I see various threads like this:
ConanSandbox.exe
CloseFile
F:\Steam\steamapps\common\Conan Exiles\ConanSandbox\Content\Paks\GraniteSDK_1466_1466_2.pak

They appear to all be around this “GraniteSDK” thing.

Then I get this:
ConanSandbox.exe
TCP Disconnect
MYCOMPUTERNAMEHERE:PORT-> MY IP ADDRESS:https

I’m not sure though if that TCP Disconnect is from me force closing the game or the freeze though.

Just did a game file integrity check and it reported all 1121 files successfully validated. Is there a missing .gtp file for this update that someone forgot to ship and code still references it causing the freeze? Seems like it to me.