Shadow Hearts: From the New World seems to call an exit to PS3 XMB when a similar loop break fix to Covenant is implemented. In this case, it gets stuck in a loop 00401c40 until the f01 register becomes a negative number. There's obviously some wrong operation before this that makes the float in f01 ridiculously big, so it takes forever for the subtraction loop to be over. However, just breaking the loop at 00401c40 causes a straight up PS3 XMB exit, unlike Covenant which just causes momentary flickering of the character. Nautilus must have put in some error handling this time around.
Here's a snapshot of the loop via pcsx2 (it's working properly):
View attachment 29846
Here's a snapshot of the loop with a pseudo-similar reason to why netemu freezes (take note of f01 register):
View attachment 29847
Loop has to keep going until number is negative, which causes the freeze. FtNW does not fix itself though, and will permanently leave your character frozen, even when the full freeze is over after 10 or so seconds. This probably isn't *exactly* what is happening in netemu, but it is very similar.
This is where my knowledge of the matter ends. This bug isn't fixable in the same way as Covenant it seems. The only possible fix (in my inexperienced eyes) would be to implement a custom 0x41 "overlay" at 00405A88 where this particular function is called, and make sure the number is always negative to prevent a loop. Or find exactly where the number is going wrong and fix it from the root. I guess I will keep on testing, but I am reaching a stalemate here.