Yes, but unlike AVIF, JPEG XL supports progressive decoding, so you can see the picture in lower quality long before the download has finished. (Ordinary JPEG also supports progressive decoding, but in a much less efficient manner, which means you have to wait longer for previews with lower quality.)
I don’t think the issue with the exabyte image is progressive decoding, though it would at least get you an image of what is bringing down your machine while you wait for the inevitable!