Reproduced on:
Samsung Galaxy Tab 10.1 (GT-P7510) with Android 4.0.4

Not reproduced on:
Google Nexus 5 with Android 4.4.2

Unity Version 4.5.0f6 (fd4616464986)

Resolution:
The crash is not caused by the 2048 x 2048 sprite sheet. The crash happens because loaded sprite sheets are not cleared from the memory.

In the project objects are loaded with LoadLevelAdditiveAsync one by one. After loading the second object, the first object is removed by calling "Destroy". This however does not remove loaded sprite sheet from the memory.

Adding "Resources.UnloadUnusedAssets();" right after "Destroy" frees memory and prevents the crash.