I appear to have the same issue as you do. After I updated to C.119 this week my phone freezes several seconds after entering the SIM PIN, and instantly reboots. I had it running twice for half a day without any issues though. I did some minor digging but was not able to narrow down the issue, apart from the fact that it is most definitely in some way related to the current update. I don’t have too much free time this week, so I probably wont make any major progress until the weekend but as a workaround you can simply use fastboot to directly boot an old boot.img (fastboot boot boot.img) (patched or not, does not matter). Until this is properly fixed though you will neither be able to use WIFI nor the microphone and the battery appears to drain slightly faster, but at least you can actually use your device without it freezing. My device has been running like this for the past 24 hours and appears stable, but now would be a good time to copy your backup to a save location.
Obviously no guarantees, but right now I am pretty hopeful that this issue should be fixable without reformatting or data loss. If you can live without WIFI and microphone for a couple of days I would recommend the aforementioned approach.