We continue our investigations of the magnetorotational collapse of stellar cores discussing simulations performed with a modified Newtonian gravitational potential that mimics general relativistic effects. The approximate TOV potential used in our simulations catches several features of fully relativistic simulations quite well. It is able to correctly reproduce the behavior of models which show a qualitative change both of the dynamics and the gravitational wave signal when switching from Newtonian to fully relativistic simulations. If this is not the case, the Newtonian and the approximate TOV models differ quantitatively. The collapse proceeds to higher densities with the approximate TOV potential allowing for a more efficient amplification of the magnetic field by differential rotation. Sufficiently strong magnetic fields brake down the cores rotation and trigger a contraction phase to higher densities. Several models exhibit two different kinds of shock generation. Due to magnetic braking, a first shock wave created during the initial centrifugal bounce does not suffice to eject any mass, and the core continues to collapse to supranuclear densities. Another stronger shock wave is generated during the second bounce as the core exceeds nuclear matter density. The gravitational wave signal of these models does not fit into the standard classification. Instead it belongs to the signal type IV introduced by us in the first paper of this series. This signal type is more frequent for the approximate relativistic potential than for the Newtonian one. Strongly magnetized models emit a substantial fraction of their GW power at very low frequencies. A flat spectrum between 10 Hz and > 100 kHz denotes the generation of a jet-like outflow. [Abstract abbreviated]
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