By default this product does not have any PSRAM - which is basically necessary for 240x240 resolution with the LVGL component + ESPhome - from what I can tell so far. I have now replaced some of the modules with these: https://www.mouser.com/ProductDetail/356-ESP32WRM32EN8R2
I have asked about an upgraded version from the manufacturer and they responded that they will create one with the S3 16MB + 8MB PSRAM! So I would wait for that version for ESPhome use as removing and replacing the WROOM module is a little time consuming... GeekMagicClock/smalltv-pro#44
-- OLD before replacing WROOM with PSRAM version --
static shows it does not load LVGL