EDIT: just read other replies and yes, changing skins seems to work.
Okay lol y'all.
IT IS WORKING FOR ME NOW kind of.
tldr: it works normally as long as I don't play Gibraltar lmao. Note that he was my featured legend before/after the update. Try setting a different featured legend before matchmaking.
Full set of events that led up to this discovery in case any of them are actually the solution:
Updated Apex Legends on Xbox One S this morning. Logged in. My featured legend was Gibraltar. I got matched and then found the freeze and hanging audio during the kings canyon loading screen. Repeat 5 times. I try rebooting, no dice. I reinstall the game. My featured legend is still Gibraltar. I try to play, same crash with same freeze and hanging audio. Then I set my featured legend to Bangalore and match. I play a full game, all is normal. Now after that game, my featured legend is Bangalore, and I can still play games without reassigning my legend; HOWEVER, if I reassign my legend to Gibraltar I crash again just like before 😂.