Okay, figured it out, you click in the left stick to bring up a virtual cursor and then highlight and click the pause icon.
Still feels sort of busted, though. Once you pause time there is no way to move around the zoomed-in map. Your perspective is locked to being centered on the point you were at when you paused time. If you hit R1 to bring up the movement cursor, it’s just stuck on the center of the screen or directly adjacent to your character until you unpause time. Fortunately if you zoom out to the world map you can scroll around and do whatever, but this can’t be intentional.