Hello @Harish_R,
Sorry for the late reply. The only reaction options are ones you mentioned, as detailed in section 2.4 Recovery Mechanisms of eMcem User manual:

Regarding your second question, checking the S32G3 fault map and Reference manual, the M7_0 SRAM ECC uncorrectable error should be cleared by performing a Power On Reset, however, if the error is a symptom of an silicon problem, for instance after a problem with the power supplies, the error will appear constantly.