Update: it worked. I’m not sure what changed. I certainly didn’t change any PHP modules. I did check PHP and Apache error logs and found nothing. But after re-loading the Updraft admin settings page and trying again it worked with the normal/recommended key length, and quickly.
So I’m glad that it worked. I’m concerned about why it failed silently before. But since it did eventually work quickly, it doesn’t seem like the PHP module issue would have been a factor in the previous silent failure, would it?