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I know it's an LFO that is modulating the octave extremely quickly. I tried to make it with a square wave in Serum but it does not sound like it does in this song. Maybe it's not a square wave?

 

That sound is classic arp sound from old skool 8 bit chips, not necessarily LFO. U can prolly do similar things w/ setting arp / chorder to work in rly small snippets (ie ticks even) of sounds, maybe 1/64ths 1/128ths? Just playn simple "chords" rly quickly & rpt rly quickly. If ya want lofi sounds, just use simple osc?

If ur into trackers, then Famitracker basically gives u access to a virtual NES. U basically get "commands" that will give u like digital arp, exactly like that. It's what was used for the Shovel Knight soundtrack, so no higher recommendation. There's prolly stuff in (ie) Super Audio Kart that has stuff liek that, or even Omnisphere if ur prepared to hunt?

 

you could use this one, or at least it will help you to figure it out, i guess

https://www.audiothing.net/instruments/minibit/