The problem of not being able to load the drivers also occurs when there is nothing on the eMMC, so there is no uEnv.txt or kernel version from that to post here.
When booting to your 0.1.2 CTAG image, the kernel version is 4.4.62+.
aplay -l confirms no soundcards found, but driver still fails to load, hangs the board and requires a hard reset.
If I install the BBB-blank-debian-8.7-iot-armhf-2017-03-26-4gb.img (originally from here) that I originally had on the eMMC then when booting to the eMMC the kernel version is 4.4.55-ti-r94. There is no uEnv.txt file (only a bbb-uEnv.txt and a nfs-uEnv.txt).
aplay -l reports the default Beaglebone sound device when booting either the eMMC or your 0.1.2 CTAG image.
I have to restore the Bela image to the eMMC to get the beast's drivers to load from the 0.1.2 CTAG image.
All of my experiences detailed above suggest that the CTAG image is not currently working independently of the eMMC image.