Just notice that in emulation, the program frequently does R/W to SYSCFG before the decryption, and 0x40004014 is SYSCFG_DBGFORCE. I'm not familiar with RP2040, could anyone tell me if is this an anti-debugger or sort of thing? just a guess
IO_MEM[SYSCFG] write:pc:200200CA addr:40006014 size:4...