Because the starter motor is running, your battery is probably fine. So is the starter solonoid ( the electrical switch that connects your battery to the starter motor).
The grinding noise is most likely the sprags in the sprag clutch slipping on their drive/driven surfaces. These sprags can be thought of as movable wedges that temporally wedge between two circular parts. This transmits the rotation of one part to the other.
When the engine starts the wedges move into a position where the circular parts can rotate freely.
Anyway, if the sprags (or wedges) or the parts that hold them in position are damaged they can grab, then slip, then grab causing horrible noises.
There is no cure for this except to replace the defective parts.
As for the "decompression valve", in my opinion, if it is missing or not working, yes, it can increase the load that the sprag clutch must move thus it could damage the clutch.