[quote user="Dave Page"]SPRUH73J 8.1.4.6 is the relevant TRM reference?[/quote]Yes
[quote user="Dave Page"]So, when running Industrial SDK on SYS/BIOS the M3 has no firmware loaded and merely stays in reset.[/quote]The reset value of the WKUP_M3_LRST field in the RM_WKUP_RSTCTRL Register is documented as a value of 0x1 = ASSERT : Reset is asserted for the M3 by A8.
So yes, that means at at AM335x reset the M3 will be held in reset and will remain inactive unless the A8 releases the M3 from reset.