Yeah, thanks for the heads up!
I'm writing it here as well in case others run into the same issue.
This is what we know at the moment:
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The emulator Redream, if I recall correctly, showed similar behaviour. It definitely had some issues, although I don’t remember exactly what they were.
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Flycast with the default settings will run the game, but the FMV and shadow volumes have problems.
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Flycast with a real Dreamcast BIOS loaded has been reported to run exactly like on the original console.
A standard Dreamcast with the GD-ROM runs the game fine, but it takes about 10 seconds to load the menu and around 80 seconds to load the game. The game only needs to load once, and after that you can play it from start to finish without further loading interruptions.