You're quite right, just one little detail: A PC has multiple standby modes, S3 is (I think) "suspend to RAM", while S1 leaves the CPU running and only switches off some other hardware.
So what iRex is aiming for is "Standby S1", with the CPU still running but with a reduced frequency.
If I had to guess why they cannot do S3/"suspend to RAM" or even "suspend to flash", I'd say the hardware buttons have no way to wake up the CPU. So the CPU has to run to check if a button is pressed.
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