Answering the last two posts.

The game should still load if you pres the PS button,but it depends how long you hold it down.
If you hold it briefly it will come up with quit game or turn off controller,if you just say no all should be fine,held longer it will ask if you want to turn off console and the game can freeze.

The glitched times in single races still have yet to be fixed as far as I know,there is no known fix for this as a player.
As for the favorite ship showing incorrectly,this has been showing wrong from the beginning of the FURY update for a lot of people ,me included,and never seems to change,I have a theory that for some reason it uses the last craft you used to get the last track in the Arcade Perfect trophy,unconfirmed.