The 940 doesn't have that 25 amp fuse there; that's the earlier 240's.
I think that most sudden cutouts (particularly if you're just holding a steady throttle, not accelerating or anything) are electrical in nature. If the tach dies rapidly when this happens, this would confirm it. You might want to add power stage to your list.
I believe all turbos are Bosch ignition (see FAQ for determining this). If so, it could be this power stage mounted in the front left corner of the engine compartment, near the headlight. Check for intermittant connection or poor heat transfer connection to the body (thermal paste required) before replacing.
If it isn't Bosch, check out the "Update" post in this coil/power stage repair.
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David Armstrong - '86 240(350k km?), '93 940T(270k km), '89 240(parts source for others) near Toronto
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