Earlier quoted context omitted.
It doesn't even need a crack, it "just" needs more accurate emulation. It may turn out that cracking is the path of least resistance, but making emulation more accurate is less of a legal issue - I for one would feel comfortable working on it "in the open" (which I may well do, depending on how much I care about the first Denuvo'd switch games to come out).
Accurate emulation is extremely hard, even for ancient hardware. See this article from 2011 for example: https://arstechnica.netblogpro.com/gaming/2011/08/accuracy-t... It takes a 3 GHz CPU to emulate the SNES accurately. You can do with less, obviously, but you will notice differences in some games. With modern hardware, I don't think perfectly accurate emulation will ever be possible. We don't have that for the PS2…
Modern hardware is easier to emulate "accurately", simply because the real hardware does not behave as consistently as, say, a 6502 core. DRAM and cache latency are variable, and the core/bus frequencies are scaling up and down all the time. Furthermore, the coupling between the CPU and GPU is more asynchronous than it used to be.
Your emulator doesn't have to hit any specific timings, becaure there aren't any - it just has to be within some range of plausibility.
I wouldn't be surprised if denuvo does make use of timing to some extent, but it won't need cycle-accurate emulation to defeat, just fudging the numbers to get close enough.