Taiyo Yuden EYSHJNZXZ (nRF52832) not working when using softdevice

I am able to run nRF5_SDK_12.2.0/examples/peripheral/blinky using the armgcc toolchain without any issues but any example with a soft device enabled (e.g. nRF5_SDK_12.2.0/examples/ble_peripheral/ble_app_beacon) does not show up using LightBlue or nRF Toolbox. If I modify the sample code to turn on an LED as the first instruction in the program, it never gets there.

I have the same problem running the mbed5 blinky example (using mbed-cli instead of nordic SDK/armgcc). This works fine on a nRF52-DK but not on the EYSHJNZXZ. I am aware that mbed5 includes the s132 2.0.0 soft device, which tells me that the moment a program image includes the softdevice it won't run on the EYSHJNZXZ module.

What am I missing? Are there any special considerations for using the Taiyo Yuden module compared to a stock nRF52832? I'm at a loss. Any assistance would be greatly appreciated.