Okay, either I'm missing something obvious (which is probably the right answer, since I'm not exactly very experienced in all these emulation things) or TNZS does things with the VRAM that I don't quite understand.
Basically, the background is rendered as a 16-bit bitmap layer (sprites are only used for the characters and foreground elements), and uses CRTC register 17 to scroll horizontally. From what I can see, the game writes directly to the high VRAM area (0x80000000). So if we look at the point in VRAM where the "split" happens, we see this:
Which is... exactly what's showing up on screen. It corresponds to the black-to-white transition in this:
I'm guessing the bitmap drawing routines are missing something... but since the only documentation I have is in a language I can barely read and the only other open source emulator (FM-bochs) doesn't even run the game, I'm a bit stumped, to be honest.