I found a way to factory initialize the OP-XY without even entering TE Boot mode. You just need to briefly press COM while powering the unit on, less than a second will do it. After it does an Init File System you’ll see “Performing Factory Init” at the top of the screen. Yes, I have forwarded this on to TE as well. Be careful what you press powering the unit on!
Sorry so blurry, not the best light here when I discovered this.