I haven't seen anybody say anything about it, so I will post it here: it looks like the time freeze is a STUN, so you can shake out of it. Getting out of it early can help you deal with the big attack afterward. I also noticed that the big attack seemed to be aimed at where you were frozen. I was hit with it in mid-air at low double jump height, then I shook out and landed. His big attack then whiffed over my head.
Disclaimer: note that I have only fought up to level 4 because I haven't had much time to play. It's possible that the time freeze changes properties at higher difficulties.
Edit: my statement about the time freeze was ninja'd
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