Actually, the problem seems to have been caused by https://salsa.debian.org/cloud-team/debian-cloud-images/-/merge_requests/192/
Prior to that MR, we weren't using systemd-growfs at all. I've confirmed impact on amd64 instances as well as the arm64 instances on which originally observed it. It also seems like this could impact our images on other cloud services besides Amazon EC2, but I haven't tested there. I'm a little surprised that nobody has reported this yet. I suspect that it's because although the service fails and the system is "degraded", it generally is functional. The people most likely to experience problems because of this are relying on the filesystem to successfully resize at launch; it could be that most are simply leaving the root drive alone and attaching secondary EBS drives or EFS filesystems for additional storage. We should consider reverting that MR before we publish images for the upcoming 10.5 release, unless we can identify and fix systemd-growfs by then.