You can try to dump the log from uart.
So that we can know why the board gets stuck.
However, even after we checks the log, the answer may be still asking you to re-flash with the sdkmanager.
I also don’t understand how you “extracted the .img” from the sdkmanager. Actually, what you should do is prepare a dedicated ubuntu 18.04 host (non-VM), install the sdkmanager and let it flash your board. Not just creating another new sdcard image.
The sdcard image is just a binary with filesystem. It cannot install anything to the QSPI on the module. The QSPI has the bootloader software. Only flashing with sdkm can update it. Just swapping sdcard and sdcard image does not change it at all. If the bootloader it corrupted, it stuck during boot.