When that happens the game is failing a protection check. enable BIOS emulation and you should be able to get to the fights.
I was able to replicate your issue by disabling bios emulation and it crashed right where your screen shot is. When I turned it back on , it proceeds past the wrestler intros and into the bout.
There *ARE* still emulation issues that cause the game to crash on Victory Road, but those crashes do no happen on real Saturn hardware.
Mednafen seems more stable that Yaba for this particular game. My Saturn is off getting an FRAM update but thats why I prefer the real hardware to emulation.