In my experience, I have not yet done a reversal, when someone times the YRC timefreeze on my wakeup frame. My running theory is that YRC timefreeze clears the input buffer, and then offers no buffer on the way out.
So in situations with a YRC + Meaty Projectile:
-You're buffering your reversal.
-You're reversal frame comes up, timefreeze occurs. Timefreeze clears the buffer and your reversal with it. Timefreeze does not let you enter in any new input. Projectile is hitting you during the timefreeze.
-Coming out of timefreeze, you're either blocking or getting hit, depending on what you were doing at timefreeze.
/theory
When people do it to me, I haven't gotten a reversal. When I do it to other people, they haven't gotten a reversal. It's somewhere between extremely difficult and impossible.
When Johnny comes out, I'll put more time in to figuring this out. If YRC really does kill reversals, then Mist + Coin YRC is a game changer for Johnny. Shit, might have to stop playing Johnny.
Whether it steals their reversal or not, for you, playing May, you're YRCing their wakeup anyways, to setup your theme park.