Yes, it appears at the end of levels, when the color fading effect makes the transition to the next level. I experienced it at stage 1 level 3 and 4 with different colors left on the screen. The other variant is when I lose and "Continue? Yes / No" question is on the screen, the lockup happened with either choices. I have ZX Evo rev C.
This morning I started to play with the goal to reproduce the bug and I reached level 5 without locking up, though. I didn't expect the boss level.
I lost and it didn't lock up either, I was able to restart.