Nope, I just commented this line and ran the app.
The page still hangs.
Oh, and this issue is relevant for 2-way OData service.
I tried to update the same property at 1-way and, of course, I couldn't, but I still was able to read() after that unlucky update().
Here is my read() method (pretty much the same as update()):
sap.ui.getCore().getModel("odata").read( "/"+sSourceTable, { async: false, filters: aFilter, success: function(oData, oResponse){ console.log(oData); }, error: function(oError){ console.log("Error!"); console.log(oError); } } );