I feel like there is a very, very good chance that you have a leaking/broken/missing tube from your pressure regulator. Your experience sounds almost identical to mine. Everything was fine one day and the next day it wasn't. Differential fuel pressure dropped to 0, and the engine stuttered and died.
First, STOP. Don't run your engine at peak power with 0 fuel pressure. That is a lean condition and you can't be doing your engine any good.
Next, look at the vacuum hoses in your engine. I have attached a highlighted image (the base image was taken from 73-00-00, pg 8, from MMH_912-914 Series_ED1_R6.pdf) showing how all the hoses should be run. They are color-coordinated, so blue does not connect to yellow (even if in the drawing it might look that way). If the yellow line has a leak, then you will see exactly what your data shows. The regulator keeps pressure ab out 2.5bar above the airbox pressure, but once the airbox pressure exceeds atmospheric the regulator no longer has a correct regulation signal. The upshot is that it stops getting the fuel pressure you need, and your carbs start blowing air into the carb float bowls, instead of sucking fuel from the bowls into the venturi. Whoops!
Once I was armed with this understanding, I found the leak within a few seconds. It took a mirror to see the broken line, but it was that easy. The frustrating part was that the engine had been examined by countless mechanics, and none of them had been able to diagnose the simple problem.
The challenge with the 914 is that there are not a lot out there, and so there's not much tribal knowledge about them. Even when I spoke with Rotax directly, they were telling me incorrect information about the 914. Fortunately I had the service manuals and was able to figure it out on my own.