I might be unfamiliar with how the archive team operates but shouldn't this have been ongoing over the years rather than all at once now?
They cannot do it any other way - the Internet Archive does not have infinite resources to host things, and they need to prioritize. 120TB is not an easy thing to host.
The Archive Team is the "oh shit this site is shutting down and it's not all in the Internet Archive already, we gotta save it before the deadline when it's gone forever" squad.