Interesting, thanks. I haven’t gone back to looking at this. I previously found the discussion [Raspberry Pi Forum: Pico W (MicroPython) Bug. Sounds like anything in this space on Pi Pico W needs lots of testing with Wi-Fi active.
@hel
provided a code snippet in Inky Frame - Deep Sleep explanation - #9 by hel but the comment in post and comments I left in my code suggests something is seriously amiss with reading the VBUS digital input on a Pi Pico W which is half of VBUS voltage provided by a a pair of 10k resistors.