No, loading savestate (also from commandline) works fine for me.
The only thing that can be wrong is the slot number. If the savestate file name is *.003 you need to specify "-load 4" (not 3).

Btw does it work from the gui? It's the same thing.
If you launch psx4m-gui fromn the terminal you can see the command line that is used to launch the emulator.

EDIT: the next gui update will have options to set the corners actions.