Ok, since I had nothing to lose - I took a significant leap back and downgraded the Arc drivers to the oldest BETA driver I could find: 184.108.40.20691 for Intel® Arc™ A-Series Graphics --> https://www.intel.com/content/www/us/en/download/729157/750353/intel-arc-iris-xe-graphics-beta-windo...
Fired up Call of Duty BlackOps Cold War and to my great surprise the game didn't crash!!
It managed to complete the shader compilation (albeit it must have been the longest shader compilation I have experienced - easily +20 minutes) - but the most important thing is that it works! I fired up the mission where I recently left off and it was running just fine (just posting this so not really been able to test how stable it is).
Maybe something for the developers @ Intel to look into... From a game compatibility point of view - I have had most success with downgrading drivers recently (just saying)
I have also tried with the d3d12.dll from VKD3D together with dxgi.dll from DXVK open source projects - using the latest 4091 drivers - which actually resolved the in-game video artifacting - but still crashed the game.