It seems that randomly the models for everything will stop loading, including the 3D objects in the world like seats and the tents from campsites, etc. By stop loading the models for the players, I mean they won't load from the base pure white featureless model. Not just that, but if someone is loaded in and then changes their appearance a little bit, they'll also become the featureless base model.
And, emotes won't work either. When in the menu for emotes, the preview shows up blank and selecting an emote won't do it, only freezing you in-place, no matter what emote you do.
Additionally, photon dash and jumping and photon gliding stop working entirely, and you're forced to walk.
Also, weapon models won't load, as in weapons in their entirety won't load and I can't attack at all.
This "bug" or "glitch" or issue isn't exclusive to NGS, as it can happen in Base PSO2 as well. Also, it appears that other people can see you just fine when this bug hits, or at least the default featureless base model part of it.
Additionally, block and room traffic have random bearing on the frequency of the bug. Sometimes in a block that is nearly empty, the bug will happen immediately, or take 30+ minutes to happen.
I would like to note that I've had a couple of 5+ hour play sessions where the bug didn't appear, but every other time I've played the game in the past week, the bug has happened at some point.
It seems that the only way to resolve this is to quit out of the game entirely and re-launch it.