How to parse a huge list of users using a CRON function?

See wp_schedule_single_event() function. The general idea would be each time after you are done with a batch of users schedule next run few minutes ahead and pass info (such as offset from which user to continue) in arguments.

On larger scale I’d consider looking into alternate more specialized solutions or simplifying your process. Mass emailing is not easy to get right and WP is not developed with such tasks in mind.