This might not necessarily be THE fix… but after having the same problems, I did make a couple changes to my sequence that finally allowed me to bake the sequence without a freeze/crash.
Essentially I did things to simplify everything Unreal had to do for the baking process.
First, I was working with a control rig and using “additive sections” to layer on different animations. So on the main track I did “right-click>collapse all sections” to bake all my keyframes onto a single layer (make sure to do this on a copy of your level sequence if you want to keep those layers to edit later).
Second, I changed the sequencer to go from looping to no looping, just in case looping had the potential to confuse Unreal further:
Those things fixed the problem for me. So I would suggest trying those, and also simplifying any other complexities you may have in your sequence before you bake.
Also, make sure you have the correct files checked out if you are working in Perforce/version control!
Hope this helps!