There are only no henkaku settings available when I boot with L. When I do a regular boot that asks me to format, I have henkaku settings there. Maybe if I remove the spoof after a regular boot, it will change the results of an L boot. I’ll try that out before restoring.
henkaku settings are done by henkaku.suprx (a plugin), so holding L at boot will disable that plugin. your issue may be due to an improper seating of the sd2vita cart. make sure it's making a connection. a partial connection will either result in a frozen ensou logo or the issue that you're facing. it could also be the sd2vita itself that's the problem. I've heard of poorly manufactured ones. also, I've heard that the latest version of the sd2vita causes forced formats randomly. that's version 5.