I'm not sure what car you have, but if it doesn't have disc front brakes, it's not going to have a proportioning valve. In fact, many of the disc brake cars don't.Update: over the weekend I replaced the flex line, axle tee, and rear brake lines...and no improvement.
Next step is replacing the Master. Looking at all options, I came across a thread about the Hydraulic Safety Switch / Proportioning Valve (I don’t know have to copy link from older threads) and can’t help wondering if that has something to do with restricting the pressure release. Has anyone experienced issues in the past? They seem somewhat difficult to find replacements. Are they easily rebuilt?
If it has just the safety switch, that won't be your problem. Did you try my suggestion of backing off the master cylinder to see if it releases?
Another video for you.