"Today we are releasing a hotfix for PlayStation 4 that will enable you to clear your sign in data when launching the game, which we hope will avoid the issue where the game is getting stuck on the loading screen and also crashing. Here are the details:
You may wish to try the following after the game has updated to version 1.16.1.03:
Launch Minecraft
When the initial loading screen appears, hold the following buttons:
Button combination is L1 + R1 + L2 + R2 + OPTIONS + Touch Pad, and must be held until the initial splash screen is removed"
I'm not saying this will work but I tried this fix (spotted via https://bugs.mojang.com/browse/MCPE-84790) , and 24 hours later it just ... worked?
"Today we are releasing a hotfix for PlayStation 4 that will enable you to clear your sign in data when launching the game, which we hope will avoid the issue where the game is getting stuck on the loading screen and also crashing. Here are the details:
You may wish to try the following after the game has updated to version 1.16.1.03:
Launch Minecraft
When the initial loading screen appears, hold the following buttons:
Button combination is L1 + R1 + L2 + R2 + OPTIONS + Touch Pad, and must be held until the initial splash screen is removed"