There's all sorts of limitations right now. E.g. you can't allocate an array right now, dynamic dispatch is prohibited, there are some bugs too.
Most of this is just a relic from StaticCompiler.jl being a very straightforward slight repurposing of GPUCompiler.jl. It will take some work to make it robust on CPU code, but the path to doing so it pretty strightforward. It just requires dedicated work, but it's not a top priority for anyone who has the know-how currently.
I think this isn't really a great place for beginners though unfortunately. This project is tightly coupled to undocumented internals of not only julia's compiler, but also LLVM.jl and GPUCompiler.jl. It'll require a lot of learning to be able to meaningfully contribute at this stage.
Check out staticcompiler.jl