The project credits does mention espeak (which is formant based) as well as various other TTS projects, although it sounds like they are only using the pronunciation part of espeak, not the voice synthesis.
Having it run on a pico would be pretty impressive =3
Yes, although relative to the DECTalk DTC01, a Pi Pico is a beast !
Pico : dual core ARM @ 133 MHz, 2MB flash, 264K RAM
DECTalk: 68000 @ 10 MHz + TMS 32010 @ 20 MHz (5 MIPS), 256K ROM, 64K RAM