Sorry to hear about this OP.
Having been knocked off by a car jumping a red light (image how triggered I get when that trope gets rolled out about cyclists) and the guy denied he did it, I would concur with the advice about ensuring the police pursue this, they would be acting in the public interest and once it goes to court it is the state vs the driver, rather than you as an individual.
Initially, the insurance company just took his word for it and denied he was involved. This did change after court.
With mine, I had a couple of solid witnesses and he went to magistrates court and they charged him with driving without due care and failing to stop. Even with the slam dunk of a court deciding he was there and with witnesses, it still took about 14 months for the case to settle as I had to have a medical assessment and medical records sent to insurers (literally every interaction I had with the NHS from birth, I got a copy of it). Thankfully I just had some cuts and minor rib damage which hasn't reoccurred yet. But the reason for the delay was partly to assess any after effects. In your case, as suggested, it may be worth going to the solicitors and seeing if you can get an interim claim if you need a bike/clothes immediately but otherwise, don't settle for anything until you can be sure you have identified any issues. The purpose of any claim should be either to cover costs to get your body as if you had never been in an accident or to compensate you for the loss of this. There are some indications of costs here:
https://www.accidentclaimsadvice.org.uk/calculating-a-personal-injury-claim/In terms of timelines, my incident was January 2017, the magistrates was November 2017 and I got compensation paid in January 2019, pretty much two years to the day after the incident.
Good luck and hope you have a speedy recover and if possible, get out on the bike as soon as is practical. I found this helped for me psychologically and rarely think about my incident now. Other then when I am riding the bike that the compensation bought.