Here is a screen recording of the update which I uploaded to youtube (video is visible to anyone who knows the link). The update lasts about 5 minutes this time.
As you can see, the progress bar in the lower left corner does not show up
until time 02:33. At the end I show the contents of the error log.
On this M1 Mac I have Sequoia 15.5. I also tried this on an older Intel-based Mac with Ventura 13.7.4 - the behaviour is the same.