Yes I actually encountered the exact same bug. Here's the fix:Man I haven't been on here in ages. I wanted to say I have a very game breaking bug at the moment. Anytime I try to create a new world, it loads forever and freezes. So I can't make any new worlds. Anyone know a fix?
Unistall Terraria. Go to your saves and delete everything from Terraria in the console itself. I'm on Xbox one and had to delete from everywhere including cloud. Redownload Terraria and you'll be good to go.
Unfortunately this is the only fix.