Also this doesn't emulate ISA bus, where one could plug one of those "multi-io" cards to get rs232/printer ports.
Which is a shame. There are plenty of GPIO pins to fit full ISA on RP2350 (at least on "B" variant), and those GPIO are supposedly 5V-tolerant (with sufficiently recent silicon revision). So hardware-wise, it's just a matter of wiring up an ISA slot directly to the RP chip.
Bonus points for a standardized connector that everyone could develop towards. Imagine a tiny ISA PC that you could place on your desktop, swap miniscule (ISA)-cards in and out of, and play retro games etc.
This thing was quite ubiquitous for inter-connecting some low-speed things within PC motherboards in the early 2000s. Although physically separate LPC cards did exits, those were rare and connector/pinout was never standardized.
Unlikely, virtualization/emulation has been a thing well before this project and you can just buy USB to RS232 adapters. There are GPIO solutions for industrial PCs other than the parallel port. Or you can simply buy new industrial PCs which have those ports.
If you find an industrial appliance controlled by genuine old PC hardware that hasn't been replaced, the RS232 ports are the least of your concerns.
In my experience, such machines usually have something insanely proprietary plugging into a custom ISA card, and whatever is connected to it usually doesn't take too kindly if the bus timings are off. And neither does the accompanying bare metal software that relies heavily on timing loops and hardware peculiarities.