Hello again,
I now configured Trace Clock to 100 MHz using Clocks Tool (TRACECLKDIV = 0, i.e., Trace Clock == System Clock). LPC-Link2 debug probe is connected to target via 100 mm ribbon cable.
Further, after starting a debugging session on the target (using MCUXpresso IDE) I let it run past the clock configuration code to make sure all clocks are configured properly.
Then in "SWO Trace Config" I click on "Change" button and click on "Detect". A clock speed of 100 MHz is detected. I accept this value.
This is what "SWO Trace Config" looks like thereafter:

and

Everything seems ready to start an SWO trace.
However, clicking on "Resume data display" in any of the SWO views results in this error message window:
Data communication error
Error encountered during data processing.
see screenshot:

I got the SWO trace running only twice on this board and I have difficulties getting it to work again.