After a few days wondering about what happened and reading all of the posts, and without access to change my iPhone music libraries (I use to do a t least, a monthly backup to my Mac), I tried something new.
First Stage
1) From Finder, move the original files (iTunes Library.xml + iTunes Library.xml) from Music<iTunes folder, for example to the Desktop
3) Open iTunes pressing Option key;
4) Select Criate New Library;
3) Now, iTunes open in a flash...
Second Stage
1) On Preferences < Advanced, make sure that the location of the music files are selected (on my case, an external drive with about 200Gb ou music);
2) Then, on File, select ⌘O (Add to Library) and point to the Music Folder, on my my case, the external drive, and let the iTunes "import" all the references;
3) Repeat this step for applications and podcasts.
Now, I have a perfect and normal iTunes app. Everything works on the fly, I can surf my music library in milliseconds and the applications, podcasts as well...
So, what's missing? The playlists course (in my case, more than 400...).
Third Stage - The Playlists
For this, I had 2 options:
1) Before start the First Stage, on File, select, Export the Playlists, save it to the Desktop for example, and now proceed to the import command;
2) Start from scratch all the playlists all over again... A patient job, no doubt...
I chose the second one, just in case (I only have album playlists and not customized ones, which helped my decision...).
Conclusion
The problem was, no doubt about it at least in my case, the original iTunes libraries, that came all the way from 2002 (originally created on a Windows PC...)...
Somehow, when I upgraded to 12.3.1.23, something went very, very, wrong and I confess, it was the first time ever.
iTunes is a mess, we all know that.
It started as a "play music app" (the best of the market with it's clean and minimalist UI) and ended an AI of some sort, all messed up, and desperately needed of mental therapy.
Apple need to fix it, and probably divide it into 2 or more distinct apps...
Now, it is almost an independent OS inside the OS X, and it´s a mess... Apple Music, didn't help either.