But the MMU is only used by the CPU - half of the processing on an MCU is done by the peripherals, which bypass it. So there's no protection there and you have to manually translate every time you want a physical memory address.
You're not going to be running multiple processes with that tiny amount of memory.
Teensy 4.x has an MPU which can set access modes for regions, it is used to restrict execution to RAM/FLASH and disallow r/w to non-existent areas, it can easily be restricted further than the default if needed.