Memory not accessible from GDB when using mps3-an547

Host environment

• Operating system: Ubuntu 20.04.5 LTS
• OS/kernel version: Linux 4.4.0-19041-Microsoft
• Architecture: x86
• QEMU flavor: qemu-system-arm
• QEMU version: 7.2.0
• QEMU command line:

  qemu-system-arm --machine mps3-an547 -serial mon:stdio -kernel test.elf -gdb tcp::1234 -S

Emulated/Virtualized environment

• Operating system: none (bare-metal)
• OS/kernel version: -
• Architecture: cortex-m55, Armv8.1-M

Description of problem

Memory (including variables) is not accessible when connecting to the emulated machine via GDB

Steps to reproduce

1. Create minimal program main.c:

   int main(void) {
       int myvar = 42;
       for(;;)
   }

2. Compile

    arm-none-eabi-gcc -c -o build/main.o -c -mcpu=cortex-m55 -mfloat-abi=hard -mthumb -funsigned-char -mlittle-endian -O0 -g -std=c11  main.c

   (ARM startup files and include directories omitted for brevity)
3. Link

   arm-none-eabi-g++ -o build/test.elf build/main.o -mcpu=cortex-m55 -mfloat-abi=hard -mthumb -funsigned-char -mlittle-endian --entry=Reset_Handler -static -T./platform.ld -O0 -g

   (ARM startup files omitted for brevity)
4. Run binary in QEMU:

    qemu-system-arm --machine mps3-an547 -serial mon:stdio -kernel test.elf -gdb tcp::1234 -S

5. Attach using GDB arm-none-eabi-gdb build/test.elf and set break point to infinite loop

   target remote :1234
   break main.c:18
   continue
   print myvar

Expected Output: 42
Actual Output: Cannot access memory at address 0x11fffe4

Additional Information

Running info mem in GDB results in:

Using memory regions provided by the target.
There are no memory regions defined.