After downloading the file, I clicked Convert about 36 hours ago.  QBW32 is using a lot of CPU, supporting processes (QBCF Monitor Service, QBDBMgr and QBIDPService_2) are using some, but much less than the main QBW32.

Since I had successfully downloaded all my data, I canceled my QBO subscription to avoid another monthly charge and expecting that I would have QB Desktop running by now.

I don't know if any progress is being made on the conversion, but I doubt it. There has been to indication of progress. QB Desktop has a blank (dark gray) screen with a header saying the conversion is running.

I decided to look into whether the conversion completed and just didn't announce the fact, but no.
I see there are files (related to this work, I suspect) on my hard drive, but opening the *.qbw file showed only an empty company. I attached the file list.

What should be my next step?