I'm using Oblivion EGL - and it had not crashed on me once in last 40 hours - while basically every other solution sooner or later started crashing. EGL is combination of Vulkan renderer, ReShade, ENB, OBSE, OSR, EAX emulator - compiled into single alternative EXE.
I'm using MOO + OOO + WAC + OCOv2 - so it is not exactly light setup. Previously I was always blaming one mod or the other - but with EGL they all magically became stable. I had only one issue with ENB frame limiter cutting my framerate to 30 FPS - but after disabling it I get 60 fps everywhere.
Modded Oblivion is much better 3d fantasy roguelike than Morrowind or Skyrim - as 'generic' art style allows to seamlessly blend creatures and items from various mods with vanilla content. In other games you cannot get the same experience where you're never quite sure what you will find in the dungeon or in the wilderness.
Maybe one day Beyond Skyrim + Requiem / Wildlander will one day offer something even better - but most Beyond Skyrim provinces are years from completion.
I looked into EGL but I must admit that I simply enjoy the graphical effects from Reloaded too much. ORE3's 12 light points seriously improves the visuals of the game, to the point where memory management probably isn't even needed. I don't think there's much point in stuffing the game full of 2K textures if the lighting isn't up to scratch, and conversely, ORE3's improved lighting means that high-res textures aren't strictly necessary to make the game look much better. I actually don't remember the last time that I got a crash now and I'm a little over 30 hours into the playthrough. It's all working remarkably well for what I would seem a heavily modded setup, although I certainly have scrapped things which were too taxing like a lot of the UL modules.