Tomb Raider II black screen in Retroarch?

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I'm using Retroarch with PCSX Rearmed on my M1 Mac.
Whenever I try to load a level in Tomb Raider II, it just sits at a black screen perpetually. The game loads to the main menu, but trying to actually start the game results in a black screen.
I've got SCPH5501 as my BIOS, but I've tried loads of different ones and none of them resolve the problem.
Why is this happening and how can I fix it?

submitted by /u/Forumpy
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