1998 S40 1.8 Crank no start, engine drowning in fuel

[Krisemann]

Hello, I have finally succumbed and am now looking for help with this issue.

My 1998 Volvo S40 1.8 has the Fenix 5.1 system, which has made any OBD scans super difficult. Thus I have tested lots of things manually.

What I've done so far:
- Checked fuel pressure (ok).
- Replaced fuel pressure regulator (the diaphragm was starting to go bad so had some signs of leak, but replacing it did not change anything).
- Checked for clogs in the fuel return line (no clogs).
- Checked for spark, ok (plugs were fouled, new plugs have the same issue and foul too).
- Disconnected IAT, O2, MAP sensor to force limp mode (did not change the condition).
- Checked timing (ok)
- Checked coolant temp sensor (about 2600ohm at 15-20 C ambient)
- Disconnected throttle position sensor (no change)
- Tested idle air control valve (opens and closes normally)
- Checked if the injectors are pulsing (I do not have an oscilloscope so I could only check if the signal isn't constant, but it is pulsing)
- Sent ECU to electronics shop for inspection (could not find anything wrong, they tested the injector pins which according to them was ok)

I have no idea what else to try. I'm pulling my hair out over this car and it has been sitting for 2 years with this issue. The only thing I haven't tested is the injectors themselves, but I cannot imagine all 4 injectors failing at the same time. They ohmed out fine too.

If anyone is able to help me with this haunted car I will forever be grateful, and thank you to everyone who responds in advance.

EDIT: Corrected MAF to IAT