@encryptblockr hope to try the same with their even smaller "CORE" images. There is not an .OVA download but .xz downloads that when expanded have .img .
https://cdimage.ubuntu.com/ubuntu-core/22/stable/current/ubuntu-core-22-amd64.img.xz
and
https://cdimage.ubuntu.com/ubuntu-core/22/stable/current/ubuntu-core-22-amd64+intel-iot.img.xz
cloud-init seems to require experimentation and these small images boot quickly for me.
Are you then following Fohdeesha's instructions?