On closer inspection, the error from netstat is different. I missed the "Reason: [Errno 2] No such file or directory: 'netstat'" line from the original report, so I'm seeing a different bug.
If the netstat command isn't doing anything critical (as implied by cloud-init otherwise working just fine without it), perhaps references to it can simply be removed from cloud-init to address both problems? Otherwise, I guess I'll open a new bug report.
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