The relevant entries are in, did you compile a cross compiler for armv7m?
If that is the case then try a full clean before build.
Minor thing:
-dbluepill is not needed anymore unless you need it for yourself.
I just now realized this entry:
Verbose: PPU Loading C:\fpcupdeluxe-mir\fpc\units\arm-embedded\system.ppu
and that is likely the cause of the issues.
This directory should be C:\fpcupdeluxe-mir\fpc\units\arm-embedded\armv7m/eabi/rtl/system.ppu
Not sure how this happened, can you please put your fpcupdeluxe binary in an empty directory, then delete fpcupdeluxe-mir and start fpcupdeluxe from the empty directory?
Then select sgain the C:\fpcupdeluxe-mir directory and build fpc+lazarus and then build the compiler for arm-embedded armv7m.
Do not modify the settings in the subarch dialog, only select the subarch you would like to use and close the dialog