Outside of something like Denuvo most DRM on PC is essentially a 'this game is being launched through X-launcher by Y-user' (hence why some pirated games might have 'Goldberg' or 'Codex' as the pre-filled username because those are the emulators), and most cracks simply emulate that process with a .api file or something. I use a creamy api from a certain CS:GO fansite to emulate all the DLCs (hundreds of dollars worth) from the Paradox Interactive games for example. Cs.rin.ru - it does require an account though.
More complex DRM, such as Denuvo, does more checks, communicates with a server through the internet, which is then fingerprinted to your machine, and the process is done through the game exe itself as it's baked in unlike the basic bitch DRM. When someone is able to simulate the checks, spoof an online confirmation of the checks, and have the process emulated, they're then able to trick the DRM into thinking all the people launching that particular cracked .exe are playing the same already-verified copy of the game.
Alternatively, a cracker might find a way to untether it from the .exe entirely, leaving just the basic bitch launcher protection which is easy to bypass. This requires determining which parts of the exe are the game and which parts are the DRM, which requires also emulating the whole process above, and is basically above a lot of people's paygrade to bother with solo.
If people are particularly lucky, then the Dev will accidently upload the unprotected exe to whatever online store they choose (this happened with Persona 4 Golden, Lies of P, Doom Eternal, and Metaphor: Rephantazio). No updates or anything like that down the line but still. This also applies to cracked Denuvo games. If a game with Denuvo is cracked for version 1.1, then the cracked exe won't work for version 1.2 for example.
Despite how strong it is, not every game uses Denuvo despite it seeming like a no-brainer. Big AAA game publishers might do it to secure to high sales at launch, ditto for desperate smaller devs who hope early sales will pay off the cost of the DRM. However, rather recently, Denuvo adopted a subscription/timed contract model. This has resulted in more devs and publishers using it as a temporary measure to ensure max sales in the first couple months before removing it down the line. For reference: A 1 month contract of Denuvo is: $25k upfront, and 50 cents for every licence activation.
Some companies have deals that pre-date the switch certain titles, which means it'll likely remain on things like Dead Space 1, RE4, and Assassin's Creed Valhalla (we'll see how long it's on Shadows).
Another notable DRM is what Treyarch/Activision use for Call of Duty. Due to the game's always online requirement, you can't even play single player without an internet connection, which is probably the worst sort of DRM — likely only tolerated due to how important multiplayer is to the overall experience anyway. Rockstar also have a quasi-denuvo on their games, but the process of cracking is a lot easier — you still have to wait a month or two to get the latest update.
