In case anyone else runs into this issue, I found the solution, or at least a workaround.
To test if this was a FOG issue or a XCP issue I spun up a Proxmox box, created a VM and got exactly the same issue when I booted from PXE.
Ultimately the issue turns out to be the iPXE boot kernel. In FOG you can select what version of the kernel use. Current version is 6.6.49 which does not work. Version 6.1.89 and earlier DO WORK. Not sure what changed but I'll leave that investigation to for someone else if they want to put in the time.
Thanks all for the advice and happy holidays!
Matt