[Bug] Marvel vs. Capcom 2 - Opening is broken

[Immersion95]

The portraits of the characters are broken :

Windows 11 + AMD GPU + Native Res

[Senryoku]

Sanity checks: This does happen with texture cache disabled, and with the JIT disabled.
Texture seems to be wrong in the guest VRAM already.

Maybe unrelated, maybe not, this game does a lot of weird reads to what's supposed to be the TA command input:
[PC: 0x8C031D3C] Unexpected read(u32) to Area 4 @103464A0 - This should only be accessible via write32 or DMA.
No idea if this is the symptom of another issue, some quirk I should emulate, or nothing.