Sounds like what happened to my distributor. What's fun is when you start throwing codes for the CKP and CYP sensors. Those are inside the distributor, and not easily replaceable. The squealing you hear is probably the bearing. It's a wet bearing with oil holes that get oil from the cylinder head. If those got clogged, it's hosed. The bearing is not replaceable. If the distributor doesn't rotate freely by hand with it off the car, it's hosed, so take it off the car and try to turn it.

My distributor went crunch crunch crunch snap crackle pop within 40 miles of the squealing started. It seized as it was pulled into the bay, and fortunately I didn't break my cam in half. Don't forget what that thing's bolted to.

PS: easy to change. 3 bolts and a wiring harness plug or 2. Don't mix up your plug wires, just leave them bolted to your new cap, and move the rotor to the new distributor. That way everything will be lined up right if you note it's position before removing the bad one. The distributor is offset-keyed, and it can only go on one way unlike domestic pushrod motors or Toyotas.