The game will run with Proton 9.0-4, but it has various issues:
EDIT: Installing xna40 with Winetricks (or Protontricks) fixes the issue. However it did not install successfully for me with Proton 9.0-4, so I had to use the GE-Proton9-23 Wine executable and run the game with GE-Proton9-23. I also had to use the following launch option: No further commandline options are needed, the only requirement is installing WINE_MONO_OVERRIDES=Microsoft.Xna.Framework.* %command%.xna40.
Now, the game runs without issue.
ge-proton9-23x1 2025-02proton 9.0-4x1 2025-02proton 3.7-5x1 2018-08WINE_MONO_OVERRIDES=Microsoft.Xna.Framework.*x1 2025-02PROTON_LOG=1x1 2018-08
Distro: Manjaro XFCE 17.1.12
GPU: GTX 1060, Nvidia proprietary driver 396.54
Resolution: 1920x1080
RAM: 8GB
Proton 3.7-5 Beta
PROTON_LOG=1 %command% = https://pastebin.com/9EbGm5m2