Now, Apple has their own implementation of SMB; and it seems to have been seeing frequent updates in Catalina (see https://support.apple.com/en-ca/HT210803).
Since the Apple SMB stack has some decent amount of kernel integration—and Time Machine doesn’t really have any—I’d guess that recent changes to Apple SMB are also the culprit for any freezes where it’s in the critical path.
And Apple SMB seems likely to blame, because there are already other well-known regressions from the recent changes to Apple SMB. Seemingly, there’s a lot of cowboy coding going on in this part of the system right now. For example, macOS can no longer connect to SMB shares via their mDNS names (e.g. smb://example.local). This means that any SMB server that shows up in the Finder sidebar (through an mDNS announcement configured to achieve AFP or Time Machine serving) now just chokes and kills the Finder process when you try to connect to one of its exposed SMB shares through that sidebar connection (see e.g. https://community.synology.com/enu/forum/3/post/129160). You now have to explicitly connect to the share using its IP (e.g. smb://10.0.0.1) from the Finder ⌘K modal.
Weirdly enough, Time Machine itself isn’t broken for the SMB shares it auto-discovers through its configuration modal, so presumably they realized their error in that specific case and made Time Machine pre-resolve the mDNS name in the smb:// URI to an IP address, before attempting the connection. But they forgot to add this same code to the Finder. :/