Hmm, I use the same bootloader version but with a flat layout (firmware etc in TFTP root) it looks very different. I see one request to SERIAL/start4.elf and another one to SERIAL/start.elf, then bootloader falls back to root:
Jul 1 16:09:01 camel2 atftpd[10722]: Serving 8eb25f41/start4.elf to 192.168.1.70:26574
Jul 1 16:09:01 camel2 atftpd[10722]: File /wd/srv/tftp-flat/8eb25f41/start4.elf not found
Jul 1 16:09:01 camel2 atftpd[10722]: Serving 8eb25f41/start.elf to 192.168.1.70:26575
Jul 1 16:09:01 camel2 atftpd[10722]: File /wd/srv/tftp-flat/8eb25f41/start.elf not found
Jul 1 16:09:01 camel2 atftpd[10722]: Serving config.txt to 192.168.1.70:26576
Jul 1 16:09:01 camel2 atftpd[10722]: Serving vl805.sig to 192.168.1.70:26577
Jul 1 16:09:01 camel2 atftpd[10722]: File /wd/srv/tftp-flat/vl805.sig not found
Jul 1 16:09:01 camel2 atftpd[10722]: Serving pieeprom.sig to 192.168.1.70:26578
Jul 1 16:09:01 camel2 atftpd[10722]: File /wd/srv/tftp-flat/pieeprom.sig not found
Jul 1 16:09:01 camel2 atftpd[10722]: Serving recover4.elf to 192.168.1.70:26579
Jul 1 16:09:01 camel2 atftpd[10722]: File /wd/srv/tftp-flat/recover4.elf not found
Jul 1 16:09:01 camel2 atftpd[10722]: Serving recovery.elf to 192.168.1.70:26580
Jul 1 16:09:01 camel2 atftpd[10722]: File /wd/srv/tftp-flat/recovery.elf not found
Jul 1 16:09:01 camel2 atftpd[10722]: Serving start4.elf to 192.168.1.70:26581
Jul 1 16:09:01 camel2 atftpd[10722]: File /wd/srv/tftp-flat/start4.elf not found
Jul 1 16:09:01 camel2 atftpd[10722]: Serving start.elf to 192.168.1.70:26582
Jul 1 16:09:02 camel2 atftpd[10722]: Serving fixup.dat to 192.168.1.70:26583
Jul 1 16:09:04 camel2 atftpd[10722]: Serving recovery.elf to 192.168.1.70:49153
Jul 1 16:09:04 camel2 atftpd[10722]: File /wd/srv/tftp-flat/recovery.elf not found
Jul 1 16:09:04 camel2 atftpd[10722]: Serving config.txt to 192.168.1.70:49154
Jul 1 16:09:04 camel2 atftpd[10722]: Serving config.txt to 192.168.1.70:49155
Jul 1 16:09:04 camel2 atftpd[10722]: Serving distroconfig.txt to 192.168.1.70:49156
Jul 1 16:09:04 camel2 atftpd[10722]: Serving distroconfig.txt to 192.168.1.70:49157
...
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Your log however shows SERIAL/start4.elf requests repeating in 2 second intervals - and tftpd serving it (?)
Might be worth digging into the tftp config/setup, something seems to be odd there (maybe permissions or timeouts).
For reference here's my bootloader config (basically default settings, except for boot uart and order)
LibreELEC:~ # rpi-eeprom-config
[all]
BOOT_UART=1
WAKE_ON_GPIO=1
POWER_OFF_ON_HALT=0
DHCP_TIMEOUT=45000
DHCP_REQ_TIMEOUT=4000
TFTP_FILE_TIMEOUT=30000
ENABLE_SELF_UPDATE=1
DISABLE_HDMI=0
SD_BOOT_MAX_RETRIES=1
USB_MSD_BOOT_MAX_RETRIES=1
BOOT_ORDER=0xf21
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so long,
Hias