So this time I realized I had changed a few DirectX graphics settings between versions, related to mip-mapping and anisotropic filtering. It did not seem significant to me at the time, but after going through a lot of the comments, people with AMD cards were the ones usually encountering the crash. Also, one person was able to fix it with dgVoodoo2, which is a kind of directx wrapper thing. So I turned off those new settings and I am hoping this resolves the issue.

To test this (if you are willing and/or able) you would right click on "Islands of the Caliph > Properties > Game Versions and Betas" and select "Multilingual" from the menu.

If the game is still crashing for you, or not, please let me know here.