My journey into a massive posts rebake job

Can anyone explain how this in_batches version works. Presumably it does the re-bake in batches, but from the posts above, it is stated that by default it does rebake in batches of 100 every 15 minutes by default.

I have a 2 million re-bake job to do and trying to figure out the best way to do this. The job has no urgency, but I want to make sure that normal operation and administrative operations (such as backup) are not impacted by a long running job.