It could be the timing chain. It will definitely cause a knock and impact engine performance. I redid mine and it not only cured the knock but also has better performance than when it was new.
It is easy to troubleshoot. Remove the valve covers and inspect the timing chain. If it is loose, then get it fixed. Also examine the rocker arms to see if any are broken or out of place.
I'd advise not putting it off. If it is a rocker arm it can be easily fixed, and if you don't it can destroy your car. If it is the timing chain it's a bit more expensive but in my opinion worth it.
Here is a video on how to fix your own timing chain. This is part 1 of 4.
These are the Tools and Parts needed for the job:Updated Latest Ford Timing Kit-https://amzn.to/3O3wtDM2004-2014 Engines Latest Roller Followers x24-https://...
youtu.be