So, essentially, this is a small bypass/fix to help speed up the intro loading screen (before cinematic) in Super Smash Bros. Ultimate.
It works only because the game usually fetches the latest news/event data when it first starts. Putting it in airplane mode temporarily can help speed this up.
This tutorial will explain to you what the difference is between these 2 options and how they benefit your PS3's speed.
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https://www.youtube.com/watch?v=cHEWR6vz4Mo