I have managed to create a workaround that doesn't require you to gimp your PC and reboot.

Link to file: https://drive.google.com/file/d/1OglTev8mpgwgikXHpiy3HifnS8F9aSsJ

----Instructions----

Extract these files into the Dead Space 2 installation directory (the same folder as deadspace2.exe) and run the game.

Important: If you extract the files with the Windows zip tool, be sure to unblock them after extraction (right-click each file - Properties - Unblock).

----Disclaimers----

- This is a custom build of elishacloud/dxwrapper (Github link removed) that I created specifically for Dead Space 2. I am not affiliated with the original developers of this wrapper.
- I have virus scanned these files and they are clean, however you should always scan downloaded files yourself.
- It works by intercepting the exceptions raised by the process and allowing execution to continue.

---Update for users with newer Intel Hybrid Core CPUs--- (Updated 29/01/2023)

It has been brought to my attention that some users with newer Intel CPUs (those with a mixture of Performance and Efficiency cores) are experiencing shadow flickering issues with this fix. I have not been able to reproduce this issue myself, but an alternative fix is available for users with these CPUs (thanks to Skeeter for providing the fix).

See the steps here under the section marked "Set Windows to automatically limit the game to one CPU core (for Windows 10 and 11)":

https://www.pcgamingwiki.com/wiki/Dead_Space_2#Game_won.27t_boot_when_running_CPUs_with_10.2B_cores