Just wanted to follow up on this in case it helps anyone else, particularly since I haven't seen this particular recommendation listed anywhere else.
After going through all of the official and unofficial troubleshooting suggestions, including deleting preference files, reseting the GPU prefs, making a new user account on the Mac, checking admin rights etc etc etc - the issue turned out to be a monitor issue. About a month ago I added a second external monitor to my iMac (one 27" either side of the main display) running off USB-C naturally, like the existing external monitor.
Basically Lightroom Classic (Develop module) and Adobe Camera RAW crash when I have two external displays running off USB-C on my Retina iMac. When I drop back to one display I get no kernel crashes and no freeze-ups. Since Lightroom doesn't support more than one external display this isn't a huge issue, since I can just pull the plug on the second display while working in Lightroom and plug it back in when I'm done.
No idea why LR and ACR meltdown when you have two external displays plugged into your iMac, but I guess it's not a very common setup and I doubt it would rank very far up the list of bug fixes Adobe software engineers have to fix up. Anyway - hope this helps someone down the line.