Earlier quoted context omitted.
For my work, the lack of flash memory integration on the 2040 is a deal breaker. You cannot secure your code. Not sure that has changed with the new device.
It has: you can encrypt your code, store a decryption key in OTP, and decrypt into RAM. Or if your code is small and unchanging enough, store it directly in OTP.
Also, 520K of RAM wouldn't be enough to fit a the whole application + working memory for any ARM embedded firmware I've worked on in the last 5 years.