sdk-builder/ compiles the pico-sdk once per board into platform/system/<board>/ (libpico.a, merged headers, flag files), and that output is committed.
platform.txt, which was the main maintenance pain in the first attempt (C:\repos\arduino-phyduino).compile_flags.txt / link_flags.txt.About 9 MB per board in git, regenerated on SDK updates. Generated files must never be hand-edited (GENERATED.md in each bundle says so).