Lightlike phenomena have two aspects:
On the one hand, they are observed as propagating with speed of light (the observer's representation)
On the other hand, their spacetime interval is zero, meaning that their proper time is zero (the "absolute representation").
By consequence, you must distinguish relative observation and the absolute spacetime interval, both are two different descriptions of the same process. The common description of electromagnetic waves shows how they are observed. In contrast, the zero spacetime interval cannot be observed, it may only be found by calculation.
If an electromagnetic wave is emitted by electron A and absorbed by electron B, the spacetime interval between A and B is zero, that means that in this sense A and B are adjacent, even if both electrons are separated in space by millions of light years. The observed process of alternating electric and magnetic fields must be reflected somehow in the absolute representation, and as you are pointing out correctly, no time and no wave is available here for the representation of these processes. By consequence, the answer should be that, according to the "absolute representation", there should be a process located within the electrons themselves, electron A and B. However, according to my knowledge, the process which corresponds to the electromagnetic wave with its alternating electric and magnetic fields has not been described yet in the sense of the "absolute representation".