I am running a MacBookPro 2019, i5, 16GB/512GB. Updating to Big Sur 11.1 normally same issues as described above.
Rebooting into safe mode, have been able to progress to about 5 minutes remaining, as I write this. The update at the 15 minute mark consumes a lot of CPU and the laptop runs hot. The same at the 5 minute mark. Hopefully the update will run.