After finding formal definitions in various texts (see, eg, Witten, Notes On Some Entanglement Properties Of Quantum Field Theory, Rev. Mod. Phys. 90, 45003 (2018), doi:10.1103/RevModPhys.90.045003 arXiv:1803.04993), I have ($\text I$) not been able to obtain a good intuition for them and ($\text{II}_1$) have not seen anyone relate such factors to more commonly understood Hilbert spaces such as $L^2(\mathbb R)$. This is very likely for good reason, but it would be nice to have these ideas come down from the clouds so that one can present them to non-mathematicians and (maybe this is too ambitious) laypeople.
Some more technical sources which helped me answer this are here and here.