UserData Not Executing

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I am configuring a Windows 2019 image with Cloubase-Init, and the UserData section does not execute. Here is my cloudbase-init.conf file:

[DEFAULT]
username=Administrator
groups=Administrators
injectuserpassword=true
configdriverawhhd=true
configdrivecdrom=true
bsdtarpath=C:\Program Files\Cloudbase Solutions\Cloudbase-Init\bin\bsdtar.exe
mtoolspath=C:\Program Files\Cloudbase Solutions\Cloudbase-Init\bin\
verbose=true
debug=true
logdir=C:\Program Files\Cloudbase Solutions\Cloudbase-Init\log\
logfile=cloudbase-init.log
defaultloglevels=comtypes=INFO,suds=INFO,iso8601=WARN
mtuusedhcpconfig=true
ntpusedhcpconfig=true
localscriptspath=C:\Program Files\Cloudbase Solutions\Cloudbase-Init\LocalScripts\
metadataservices=
plugins=cloudbaseinit.plugins.common.userdata.UserDataPlugin
allowreboot=false
stopserviceonexit=false

The UserData I am trying to execute is very basic:

cloudConfig: |
#cloud-config
write_files:
content: testing cloudbase-init
path: c:\test.txt

When the system reboots, it goes through the Sysprep process successfully. The UserData does not execute, and I do not see any mention of it even trying in the logs.