I think that the best option for a warping effect would be to make use of MeshParts and the Glass material (at transparency = 0.5). That is if you can find something of the right shape to make it work.
(Might be me but I feel that this best fits in Art Design Support, just move the topic, no need to delete it. Though I might be wrong )
An overkill warp paired with this might get it closer to the desired effect also, add a little saturation tween change thats in the negatives to give it that “spacey warpy time stoppin” feel.
Something that might help:
(Might be disorientating to new players though, would be pretty good to have a setting to make it limited )
Also, what @ShadokuSan suggested is a good idea, you’d just need to “RenderStepped” (I think) it, to have it placed infront of the screen, then rapidly change the transparency of the glass quickly at the same time all the other effects are happening.
Also adding a little blur effect in there at the very peak would be helpful since in the video, it has a “motion” blur type effect.
The shockwave effect also needs to be a little quicker. (Easing styles may also be useful to give it that fast flow movement)