Would it be an option to downgrade the kernel to the old version?
Maybe, but I'am not sure if this might cause other trouble. Can you select an older kernel in grub when you boot or does SuSE removes the older kernel after the update? Segfaults might also be caused by hardware problems, But its not so likely that your hardware gets problems at the same time you updated your kernel.
Maybe one of the other users has a good idea?