Comment 2 for bug 1986781

I took a look at the logs, and this doesn't appear to be a problem with cloud-init specifically. Cloud-init runs multiple times during boot, and each run has its own set of systemd services that it depends on having run first. If we look at cloud-init.log, we can see that there's a time where one cloud-init instance exits, then a greater than 10 minute gap before cloud-init's final service runs:

2022-08-17 06:38:53,429 - util.py[DEBUG]: cloud-init mode 'modules' took 0.139 seconds (0.14)
2022-08-17 06:38:53,429 - handlers.py[DEBUG]: finish: modules-config: SUCCESS: running modules for config
2022-08-17 06:52:29,424 - util.py[DEBUG]: Cloud-init v. 22.1-14-g2e17a0d6-0ubuntu1~22.04.5 running 'modules:final' at Wed, 17 Aug 2022 06:52:29 +0000. Up 999.23 seconds.

This can happen if one of cloud-init's dependent services has stalled or failed. To see if another service has stalled or failed, you could try the following commands:
systemd-analyze blame
systemctl --failed

Does the entire installation fail, or just cloud-init?