Re: PS3 Oblivion GoTY gives error and CTDs
Turns out it's a known problem since launch, just a rare one. I was "upgrading" from Oblivion and needed to clear my cache. Someone on gamefaq 10 years back suggested deleting saves as well, but I didn't have to go that far.
The wiki notes it as ingame with some people mentioning crashes and other seemingly having a fine time with it. Seems like a bit of a hit and miss title. Maybe check the RPCS3 Forums to see if there are any settings you can adjust?