Could you please explain to me how exactly I should trigger a shutdown that will stop the cores and hands over to the arisc?
Any kind of shutdown procedure should do that - selecting shutdown in Kodi power menu or even running "shutdown now" in ssh.
The shutdown dialog triggers a shutdown only to a halt with hdmi on, like old PCs with AT powersupplies.
Sounds like Arisc isn't running. Did you try fresh image? and power on via ARISC really doesn't really work for me on X2 too.