Hello,
1. Can you please explain me the behavior of MCU when the PORST line high/low.
High - MCU is powered and operating (staring from reset phase0)

Low - MCU does not have supply. (unpowered)
2. Can we set the configuration to do not perform MCU reset when there is PORST is active.
Yes, for 'Functional' Bidirectional Reset you can set.
3. If we configure it to do not perform a reset, when the RGM[DES] POR status will be 0x01/0x00.
makes no sense.
4. If the RGM[DES] POR is 0x01, when it will be cleared. So that I can start running application.
It doesn't matter. You clear it after power on reset, so on next reset event you will know if it was power on reset or any other kind of reset.
In my project, PORST line is connected to a +5V_SW line. So, when the PORST is active I need to keep the MCU in safe mode and when it is released I will start init and run application.
As per this, I should keep the system in safe state until the PORST line is released/OK.
Why would you do it this way? MCU is in safe state if it is in reset state. So just hold externally reset on micro.
Furthermore, after exit from reset, you device will provide necessary initialization to reach state considered as safe state.
After that you can start execution of your safety related tasks.
regards,
Peter