Just to be clear, my problem occurs with ACR, not Lightroom. I use Bridge to browse files on the external SSD, double click a preview to open a raw file in ACR, and start editing. I am working in HDR mode, but mostly simple moves: exposure, clarity, cropping, vibrance, etc. The panics occur when I move a slider in ACR.
No problem if I copy the raw files to local storage and work from there.
The issue seems to be something recent, maybe related to the last updates of macOS and PS. I sent crash logs to Apple. Is it worth sending them to Adobe? How?