This solution can be used for the semaphore or WIO-Control.
PIN39, VSYS, can handle a range between 1V8 and 5V5, so it can be directly connected to the loader:
Manual:
VSYS is the main system input voltage, which can vary in the allowed range 1.8V to 5.5V, and is used by the on-board SMPS to generate the 3.3V for the RP2040 and its GPIO.
The benefit of a separate loader PCB is that the battery can be switched between loader and PicoW.
Note:
Mounting the PCB's should be done after the wiring has been soldered.
A drop of hot glue can be used to fix the PCB's in the mounting.