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Since Chronobreaks are common in these last weeks, I'm gonna copy my simplified comment on how it works (with added TL:DR). All I know about this procedure, I know from reading the article provided by Riot for an article I wrote.
I want to reply to this in great detail because I wrote an article about Chronobreak literally two days ago - hopefully this answers your question(s).
To understand what Chronobreak is, you must know that all game inputs, settings and etc in professional games are recorded on the server. This is called SNR (Server Network Recording) and it is vital in this procedure.
When a bug happens on stage (or online esports matches) and the game is frozen, the authorative official (head referee in most cases) asks the teams if they want to do a Chronobreak. If they agree, a new game is started on a server that is not played by the actual players but by the recorded inputs in the SNR. Thats why the SNR are such a vital part of this process - it can replicate an entire 40 minute game in around 3 minutes.
When the new game is brought to the time players will return (decided by referees iirc), the official commits to the Chronobreak by killing the original bugged server IF the Chronobreak is successful in preventing the bug. At that point everyone on the old server disconnects and reconnects like returning to a solo queue game.
Streams don't get affected by Chronobreak (other than the pause while its happening) because they are played with a delay to ensure competitive integrity, just like how normal streamers have delays on their games.
TL;DR: When a bug happens on a professional game, that game can be replayed on a different server to a moment before the bug happens for players to reconnect and "go back in time"
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