I just uploaded exactly that code to a board with 1v85 on it, and it reads 16.5uA (0.0165mA) on my meter (but actually even touching the pins can cause that to go up to 0.5mA - I think because interference starts to toggle the GPIO hardware).
Actually thinking about it, the problem might be how you are powering the Pico. Which pins did you connect the battery to? If it's to the USB port, Espruino will think USB is connected and will keep the USB hardware powered up.
You'd need to connect the battery between Bat and Gnd (opposite sides of the board, near USB), or to a JST connector soldered onto the bottom of the board where the outline is.
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