It didn't work for me, Im using a ps4 slim btw. I went through the whole process and it's still giving me the error report. I still have all of my equipment but the game fails to allow me to purchase parts for my cars, equip parts, and play online due to synchronization failure. Good luck for anyone else who tries this and congrats for anyone that this technique works for!
I had a glitch similar to this back in late November, I lost all my cars and money. I wrote multiple complaints to them and they never fixed the problem. I haven't played since.