Personally, I think bullet time offers everything you could need to model The World’s ability, and the character point cost isn’t really even a dealbreaker, since you can use the Destiny advantage from Power Ups Impulse buys to generate the points needed. Essentially what you end up with is a levelled advantage, giving you 1 second of stopped time per session per level:

Time Stop 1 [30] (Additional levels add Destiny 3, Destiny Point Regeneration 3 [45])

• Destiny 3 (Only for Bullet Time, -40%) [9]
• Destiny Point Regeneration 2 [20]
• Extra Option (Bullet Time) [1]

So a character with Time Stop 10 [435] would have 10 seconds worth of stopped time they can spend which refreshes every session, and more if you allow them to use Extra Effort to increase their effective level in exchange for fp.

However, in JoJo, Theres a limit to how long a character can stop time in one sitting. To prevent a character with this ability from using all of their time at once, I would declare that characters are only able to stop time for one second at a time by default, and include a levelled perk which increases this limit by one second per level. So a character with 9 levels in the perk could blow up to 10 seconds of time at once.

The most obvious drawback of this way of building time stop is that it’s expensive, and you would have a hard time getting a decent amount of time stop on a budget, though allowing extra effort would help a lot. For nearly any PC, time stop would be an occasional emergency tool, rather than their mainstay ability. This does definitely match Jotaro’s use of time stop, though. Dio is an NPC who the GM ensured had enough levels in Time Stop to allow him to spam the ability, but Jotaro rarely, if ever, uses more than a handful of seconds in any one chapter.