Having got the debugger working I thought I was all set.
I have a couple of projects in progress and was trying to track down a bug in one of them.

Previously ive build and run this project on a regular esp 32 and used serial debugging. But being able to BP a function and step will be super handy here.
So I switched over the boards and restarted VS.
Changed the settings for board and debugger.
No luck. Then I remembered board.txt. So I followed the same process of creating the file, pasted the text.
Added breakpoint and tried to debug.

Starts initializing the debugger then pops a dialog:

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Thanks for the report.

The Troubleshooting pages below may help identify the issue:
https://www.visualmicro.com/page/Troubleshooting-Debugging.aspx
https://www.visualmicro.com/page/Troubleshooter-for-Debugging-an-Arduino-Sketch-in-vMicro.aspx

If not then please enable the below properties:
vMicro > Compiler > Verbose
vMicro > Compiler > Show Build Properties
vMicro > Uploader > Verbose

And then attach as text files the output from:
1) The Output > Micro Build Window, after completing a full build, and running Debug > Attach to Process
2) In the build folder there should be a log created <<projectname>>_OpenOCD.log
https://www.visualmicro.com/page/Troubleshooter-for-Debugging-an-Arduino-Sketch-in-vMicro.aspx#cantFindOpenOCDLogFile