I have experimented a little bit. It seems as long as I pick a number at all it seems to work.
The actual number seems irrelevant, as long as it is not set to 'auto' the machine appears to cope and act as you would expect with increasing and decreasing the number resulting in faster or slower results, even if I try to go well above the number of threads my machine should logically support.
I do believe that Ifranview, rather than windows, is creating the thumbnails on my setup. This workaround is simple enough to suffice and addresses the issue. I have set it to 4 threads which is below the number of threads my machine can handle, but it is still quite fast for generating the thumbnails, or perhaps the slow part of my setup is between the keyboard and chair

. Or perhaps, Windows is simply so slow and terrible now-- which is I why I am back to Multi Commander!-- that anything appears to be an improvement.
At any rate if there is anything you would like from me, please do ask. I do want to thank you for making the software I run screaming and crying to every time Microsoft does something stupid to explorer.