This update did fix my issue but it took a bit of experimentation. All of my save cards were totally fubar, even if the card said “Beneath the Meridian”, it would take me back to Ch. 1. However, instead of being completely stuck and unable to move, upon logging in after the update I was actually able to move around.
I fast traveled to Sanctuary but then couldn’t travel to any planets other than Pandora. I kept reloading my different save cards and finally pulled up a Ch. 1 that allowed me to move, I played through maybe 20 minutes of the first mission, and then upon entering a new zone was provided with a pop-up message that asked if I wanted to fast-forward to the latest progress of that character. It loaded me back to where my game progress had glitched however many months ago. I continued to play without any issues for another half hour. Hoping it’s all good when I log back in.