Yes the baud rate is correct. The characters are not random. They appear to be a CRC error and it is being sent in hex rather than ASCII.
Anyway, I found that if I loaded the ESP32 generic binary file then it works. At least I can get to a Micropython REPL prompt. Of course, this version is probably going to me missing the libraries that I will need. I guess I will have to build my own binary version.
M