It could be the problem. If the firmware is reading or writing something when it turns the page, it could be affected by a failing SD card. Does anything thing else seem to cause he freeze or take a long time? Opening or closing a book are the obvious possibilities. A dictionary lookup or saving a highlight are others.
One of the things you should do is test the factory firmware. To do that, you do a factory reset and use the Kobo desktop application to do the setup. That will download the latest firmware, but before ejecting the device, remove the new firmware files from it. Then it will boot to the factory firmware and you can test. If it still has problems, you can be fairly sure it is a hardware issue. If everything is OK, you can manually step through the firmware until you get to one that has the features you like and still works. The only problem with this is you will be prompted to update each time you do a sync.
Changing the card won't hurt if you are happy to open the device and restore an image to the card. You can also put a bigger card in if you want more storage.
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