Provisioning Services is sentive to network driver operations on the same stack, this is why the PVS software is installed last on any existing Master Image prior to creating the vDisk. It has been found that the Microsoft Kernel Debug Network Adapter ican cause this problem at boot. This failed boot can happen on any baremetal or hypervisor based vm for a number of other NIC configuration, driver conflict reasons.
The Target splash screen where the timeout happens is an indication that the OS is loaded in RAM. This DHCP activity is caused by the network settings within the Master image set to dynamic DHCP. The Windows stack is failing to complete the DHCP process because the NIC will not fully load..
Provisioning Services is sentive to network driver operations on the same stack, this is why the PVS software is installed as the last bits on any existing Master Image prior to creating the vDisk. This Microsoft Kernel Debug Network Adapter is installed by default in Windows 2022. Its typically installed at the time of performing a system OS live debug via WinDBG for example, on older operating systems. For this reason it is safe to uninstall the driver while not being used and running within a PVS vDisk image.
In a Vdisk maintenance version or Private image mode vDisk open Device Manager.
View>Uncheck hidden devices
Expand Network Adapters
Find the Microsoft Kernel Debug Network Adapter> right click> Uninstall
Shutdown the machine and deploy updated vDisk.
A Citrix PVS Target Device may fail to PXE boot. The machine stops at "Attempting To Set IP On Boot Nic". It may hang here indefinitely or it may BSOD, this depends on the Windows Advanced System Settings for a blue screen condition. The Target may fail to boot while completeing the second half of the vDisk imaging process where a PXE to local disk is first required.

Other Items To Check:
1. Vm compatability mode, be sure the Vm has the correct hypervisor hardware settings for the OS it is running.
2. Be sure the Vm tools are running and updated.
3. Power off the Vm> Delete the existing NIC> Create a new one (may require device MAC update in the PVS console)
4. In Device Manager> view> show hidden devices and delete any additional hidden NICs in Network Adapters (except XenServer leave as is).
5. Third party security software changes. Endpoint protection and advanced threat protection drivers find their way into the vmtools and each hypervisor may interact with the respective OS differently. The same behavior in ESX may not exist in XenTools or HyperV or visa versa.
Reverse Image to resolve any failed boot after Windows Updates, Tools update or security software changes cause the machine to fail to boot or BSOD.