The main application of ~200kB is flashed at 0x10000, and the bootloader also boots that partition.
so that looks okay.
I remember there being some flags for serial output switches (between USB and UART), have you tried adding those? Using the PlatformIO and the Arduino framework with the ESP32-S2-DevKitM-1 - #2 by maxgerhardt
Did you try a LED blinky code that does not need UART? Maybe the firmware does run in general, there’s just no UART output for some reason.