Earlier quoted context omitted.
So it isn't an HSM. Calling a device an HSM comes with an expectation that it will resist tampering or intensive analysis. A standard microcontroller on an exposed PCB cannot fulfill that expectation.
It is an HSM notwithstanding that it does not contain a separate component marketed as a secure element. The SoC is not a "standard microcontroller" (well, it is, but not in the sense that you mean it here). The STM32F405RG has security features built in designed to secure proprietary firmware against industrial espionage. The same hardware features can be used to secure keys. I'd be happy to provide you with additio…
The STM32F405 is a standard microcontroller. Its security features are generally comparable to those which are present on other STM32 microcontrollers, as well as most microcontrollers in general. The PCROP (proprietary code readout protection) features which you appear to be referencing here don't help, as your application code is already open-source, and the key data that you're trying to protect must be readable to be used. Moreover, PCROP functionality is absent on the STM32F405.
STM32 readout protection is not particularly robust. There are a number of known attacks which can be used to bypass it on certain families without decapping the chip. I'm not sure if there are any attacks currently known against the F4 series, but I wouldn't doubt that they exist.
Most STM32 parts actually have a tamper detection feature which can be used to clear the contents of a battery-backed RAM when triggered. This sort of configuration still doesn't make a HSM, but it would be a step in the right direction.