Hello,
Thank you for following up, I was lucky to find the culprit by adding additional logging to functions clear_meta_cache and expire_listings fired by hivepress/v1/events/hourly hook.
Turned out that my post_meta table was clogged with hundreds of thousands expired transients (not detected by database maintenance plugins) making the processing of deleting expired transients to exhaust server resources.
After deleting all expired transients from database the listing are expired as expected by sending expired listing email to user.
All the best,
Ion