Try running the Apple Diagnostics to see if any hardware issues are detected. Unfortunately the diagnostics rarely detect issues even when a hardware issue is confirmed through other means, but it never hurts to check anyway. Besides in this case it will at least tell us if this laptop can even boot something successfully.
Have you tried to boot into Safe Mode?
You may need to try a DFU firmware Revive which resets the T2 security chip & system firmware. This requires access to another Mac running macOS 14.7+ to use Apple Configurator v2.17 (or you can use the Finder with a host Mac running Sequoia). If the "Revive" does not work and does not allow you to boot into Recovery Mode, then you will need to try a DFU firmware Restore followed by using Recovery Mode to reinstall macOS (the "Restore" destroys all data on the internal SSD). Keep in mind once you do the DFU firmware Restore (possibly even the Revive), you will not be able to boot from USB until you can boot into Recovery Mode to access the Startup Security Utility again.
How to revive or restore Mac firmware - Apple Support
Make sure to disconnect all external devices in case one of them is causing a problem.
There is a good chance this laptop has a hardware issue as well since I have seen a lot of reports of hardware issues with the Logic Board on this specific model laptop....much higher than any other model. I do not recommend spending any money on repairs if the laptop has a hardware issues.
