Thought this might be useful to others. It appears that all of the mbed class functions do work while using the Sketch feature of the PLC IDE.
I found that when changing the modbus mater parameters like "TimeOut". The master state hangs and needs a reboot. I am not sure if there is a watchdog feature on the PLC IDE side, but the mbed functions seems to work.
To recreate this "feature" you start with a good mb master state:

then change the "TimeOut" parameter and download.

and the master hangs:

Using this sketch you need to create a "Shared Output" variable "nbClientOK" and copy the statues to it on the PLC IDE side:
nbClientOK := sysMbTcpMState.clientOK;
Sketch:
// Enable usage of EtherClass, to set static IP address and other
#include <PortentaEthernet.h>
arduino::EthernetClass eth(&m_netInterface);
#define WATCHDOG_TIME_MS 8000
void setup()
{
mbed::Watchdog::get_instance().start(WATCHDOG_TIME_MS);
// Configure static IP address
IPAddress ip(192, 168, 1, 1);
IPAddress dns(8, 8, 8, 8);
IPAddress gateway(192, 168, 1, 1);
IPAddress subnet(255, 255, 255, 0);
// If cable is not connected this will block the start of PLC with about 60s of timeout!
eth.begin(ip, dns, gateway, subnet);
}
void loop()
{
if (PLCOut.nbClientOK) {
mbed::Watchdog::get_instance().kick();
}
else {
}
}